|GROSS LOAN AMOUNT||$4,025,000|
|LOAN TO VALUE||65.7%|
$4,025,000 FOR THE ACQUISITION
OF A RETAIL CENTER IN ROSEVILLE, CA
The borrower sought $4,025,000 in acquisition financing to purchase Fairway Commons II in Roseville, CA for a purchase price of $6,130,000. Fairway Commons II is a 64,849 square foot anchored retail center constructed in 2005 and situated on a 5.5 acre site. Hence the loan basis per square foot is $62.07. The property is comprised of three buildings with 50,958 square feet of anchor space, 10,870 square feet of inline space, and 3,021 square feet of food service space. At the time of funding, the property was 53.9% leased to three tenants with eight tenant suites available for lease. The subject property offers 305 open parking spaces equating to a parking ratio of 4.70 spaces per 1,000 RSF. The property is located in a busy retail corridor and has excellent access and visibility from the intersection of Fairway Drive and Park Drive. Big Lots, a national discount retailer, occupies 32,899 square feet through a NNN lease expiring January 2017. The property is shadow-anchored by a Lowes Home Improvement Center (Lowes owns its own building on a long term ground lease) and is surrounded by a wide array of national and regional retailers which increases consumer traffic to the center.