August 3, 2015
Cimarron Industrial signs $6.4M permanent loan in Scottsdale
Churchill Commercial Capital, Inc. (Tom Ryan, Vice President) has arranged a $6.4 million loan for Cimarron Industrial Partners, LLC, on a 94,800 square foot multi-tenant industrial property consisting of five buildings within the Scottsdale Airpark. The property was 98% leased at the time of closing.
This unique transaction was placed with one of our many correspondent Life Companies and will be serviced locally by Churchill. This loan execution was refinance to a ten year, non-recourse, fixed rate loan. We were able to maximize leverage with an aggressive interest rate in addition to meeting the borrower’s objective of having a significantly reduced prepayment option for a future event in the later years of the loan.