Billings Montana Mixed Use Refinance
StackSource arranged a $1,700,000 cash-out refinance of an office/retail mixed-use property. The property's metrics were substantially impacted by COVID but the Sponsor plans to revitalize the space through tenant improvements and effective leasing. The value-add strategy is intended to increase occupancy, which is currently at 67%. The asset is located in a growing part of downtown Montana and continues to thrive with recent migration to the area.
StackSource Capital Advisor Jaideep Chadha arranged the refinance through a regional credit union with a 4.5% fixed interest rate on behalf of the client. The loan term is for 10 years, amortized over 25 years, with no prepayment penalty.