Dave Dismondy with District Capital closed a $3.15 million loan on a 31,500-square-foot neighborhood center in a tertiary market in Michigan.
The correspondent life insurance company cash-out loan has a 25-year term (with resets and open prepay) and a 25-year amortization.
The loan features no reserves or escrows, no property performance covenants or global cash flow underwriting, and is assumable.
