March 1, 2017
Main Street retail can still find attractive financing. For example, the new owners of 140 Main St., in Manasquan, NJ, recently took out a $1.8 million loan to buy the property.
The two-story building squeezes four retail spaces and five apartments into just 6,000 square feet. All the retail tenants are on short-term leases, but have been at the location for a number of years.
The seven-year loan covered 75% of the $2.4 purchase price of the property. The interest rate was attractive too, at 4.1% with a favorable step-down prepayment schedule, with which the client can prepay its loan in the final two years.
Ariel Property Advisors’ Capital Services Division arranged the financing.
For comments, questions or concerns, please contact Bendix Anderson