Rodeo Capital, Inc. Closes a $3,750,000 Big Box Retail Purchase in Hobbs New Mexico
Borrower utilized Rodeo’s loan to purchase a 88,914 sq ft Big Box retail location on a 8.14 acre site housing K Mart. Kmart is owned by Sears which is in bankruptcy. Big Box retail is under siege in the new Amazon Economy. The Borrower’s expertise in repositioning big box retail into multi tenant retail is an excellent asset in this type of real estate, having repeated this process multiple times. As a result of the borrower’s significant retail relationships he is able to attract healthy tenants with a national footprint to lease at his locations. In conjunction with Rodeo’s loans the borrower has been able to repeat this process multiple times. Borrower will exit our loan with a conventional refinance or will sell the property. Rodeo is proud to work with repeat borrowers to help them achieve their real estate dreams.
- 65% Loan to Value
- Repeat Highly Experienced Borrower