Grand Mission Plaza Refi
StackSource recently arranged a refinance for a 100% occupied, 8-unit retail shopping center located in the Houston, TX market. The property was built in 2015 and includes a mix of local businesses that have an established tenancy in the property. The borrower was seeking to establish a new lending relationship that could provide a rate and term refinance on the existing senior loan which was well below 50% LTV with the ability to prepay with no penalty.
Director Chris Peters arranged the refinance from a local credit union that provided a 7-year fixed rate at 6.05% with a 15-year amortization and no prepayment penalty. The borrower chose a shorter amortization period so they can pay down principal.