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$9.8MM Cash-Out Refinance of 2 Tenant NNN Retail in Silverdale, WA

Summary: Sponsor sought to improve the terms of their current debt while also pulling out cash to fund future CapEx and having a non-recourse option.
Loan Amount: $9,800,000
Property: 100,000 SF Retail
Location: Silverdale, WA
Purpose: Refinance
Rate:​ 4.075%
LTV: 70%
Fixed Period:​​ 5 Years
Interest Only: 2 Years
Recourse: Converts to non-recourse if paid down to 60% LTV.
Prepayment: 1 year, open thereafter.