Financing Amount:
Cash-Out Refinance
Capital Source:
Credit Union
Transaction Details:

Built in 2007, Plaza Del Lago Professional Center as a whole consists of 38,502 square feet of Medical/Office condos in North Peoria ½ mile north of Happy Valley Rd & Lake Pleasant Parkway.  Tower Capital’s client began acquiring the office condos in 2011 and currently owns 6 of the office condos, totaling 11,701 square feet, or 30% of the complex.  

The $1,000,000 loan secured by Tower Capital through a regional credit union provided the borrower with a return of equity, along with the funds to complete the final build out for Driggs Title, at which point the condos will be 100% occupied.  The 15 year loan has an initial fixed rate at 4.50%, with 5 year annual resets, and zero prepayment penalty, providing the borrower with flexibility should they sell the condos.

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