|DATE OF FUNDING||5-14-2018|
|GROSS LOAN AMOUNT||$1,750,000|
|LOAN TO VALUE||57%|
|NET NOTE RATE||10.95%|
|TERM OF INVESTMENT||24 Months with 6-Month Lockout|
$1,750,000 FOR THE REFINANCE OF A RETAIL STRIP CENTER IN TAMPA, FL
The borrowers sought $1,750,000 for the refinance of a retail strip center in Tampa, Florida. A local real estate investor acquired the property and needed to refinance out of an existing owner carry note. The property was purchased non-stabilized and during ABLP’s underwriting process the borrower made continued tenant improvements and was able to achieve 100% occupancy with seven tenants. Once stabilized and seasoned, a bank refinance takeout is anticipated as the exit strategy. The property boasts a favorable location with average annual daily traffic in excess of 50,000 vehicles and a population of 286,456 within a 5-mile radius.