The subject property is 700,000 sq ft (16 acres) of commercially zoned land located in one of the fastest growing cities in the country; Saint George Utah. There are 15 designated retail pads with 6 drive-thru’s approved and 10 leases pending (including McDonald’s, Starbucks and Albertsons). Borrower was able to acquire property for over 35% below recent comps. Borrower will exit the loan through development financing or sales of the individual pads.
- 47% Loan to Value
- Seller Carry
- Built-In Interest Reserves
- Fund Controlled Cash Out for Further Property Development
- Land Deal Closed in One Week