Retail in Phoenix, Arizona
CommLoan was approached by an experienced commercial real estate developer looking to obtain a refinance loan on a 2-unit retail property in Phoenix, Arizona. The borrower has developed over 500,000 square feet of office buildings.
CommLoan facilitated the refinance of the retail property by keeping the Lender’s focus on the Loan to Value as opposed to the Loan to Cost. CommLoan was able to procure a loan at 70% loan to value, a 4.25% fixed rate for ten years, and a 25-year amortization. The appraisal for the property came in lower
than expected, so CommLoan negotiated on behalf of the borrower for a higher loan sizing to obtain the desired loan amount.