Q10|Lutz Financial Services’ associate Steven Phillip Siegel arranged permanent financing for a 70,000-square-foot office property in Southfield, Michigan. The financing was secured through a Wisconsin-based life insurance company that works exclusively through Q10 Lutz Financial Serves for Michigan-based commercial real estate loans.
The asset was about 70 percent occupied at the time of refinance. Siegel was able to provide non-recourse, permanent financing on behalf of the borrower. The loan included a 10-year term, 25-year amortization, and a 175-basis point spread over the 10-year U.S. treasury.
The property appraised for an 8 percent cap rate.
