|GROSS LOAN AMOUNT||$1,550,000|
|LOAN TO VALUE||62%|
$1,550,000 FOR THE PARTNER BUYOUT
OF A RETAIL PROPERTY IN OTTAWA, IL
The Subject Property is a 67,388 RSF retail center anchored by Kroger Grocers. The borrower is requesting financing to buyout their partner, who is entering retirement. The owners have spent approximately $800,000 on improving the Property, additionally, Kroger spent $500,000 renovating the store and improving the parking lot. The Property is currently owned free and clear and the borrower is seeking a new first mortgage of $1.55M to complete the ownership buyout. The Property is currently 96% occupied with an in place NOI of $213,000. The loan is personally guaranteed by the borrowers with a combined net worth estimated at $18M. Based on the current NOI in place, the Property’s debt yield is 13.7%.