Upper Peninsula Retail
StackSource recently arranged financing for a 37,000 SF, 100% occupied 2-tenant retail property located in Michigan's Upper Peninsula. The largest tenant, Big Lots, has been a tenant since 2002 and renewed their lease in 2019 which extends out into 2024. Capital Advisor Chris Peters arranged financing with a Michigan based credit union that was able to get comfortable with the Chicago based investor's out of market location, the remote location of the subject property and the shorter term tenant leases. The lender provided a 3-year fixed rate at 3.75% and a 20-year amortization schedule. The loan allows the investor to pay off a private note and pull out nearly $400,000 of equity.