|GROSS LOAN AMOUNT||$4,875,000|
|LOAN TO VALUE||64.8%|
$4,875,000 FOR THE REFINANCE
OF A FLEX PROPERTY IN HOMESTEAD, FL
The subject property consists of two commercial properties, totaling 44,351 sq. ft. in Homestead, Florida. Homestead Business Center and The Chamber Center (the “Properties”) are adjacent to one another in one of Homestead’s most traveled arteries, South Dixie Highway/US Route 1, located between Miami and the Florida Keys. The borrower requested $4,875,000 in senior secured first lien mortgage financing in order to exercise a discounted payoff on the two properties. The properties were previously financed with separate mortgages totaling $10,800,000, with The International Finance Bank (“IFB”), which agreed to a combined payoff of $5,000,000. The two properties are currently 100% leased to a mix of national, regional and local tenants.