Continental Partners Provides $2.2M Acquisition Loan For Barstow Retail Property

The property asset involved in this transaction is a retail space located at 1303-1311 East Main Street, Barstow, CA, covering a total square footage of 68,436. The transaction involved a loan amount of $2,200,000, which is classified as an acquisition loan. The loan terms include a rate of 6.90%, a term of 18 months, and an interest-only amortization schedule, with no pre-payment penalties.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,200,000
• Loan Type: Acquisition
• Loan Terms: Rate: 6.90%, Term: 18 Months, Amortization: Interest-Only, Pre-Pay: None
• Market: Barstow, CA
• Asset Square Footage: 68,436
• Lender: Continental Partners
• Representative of Lender: Andrew Sawyer
• Landlord: Farhad Zomorodi

Andrew Sawyer's team at Continental Partners was tasked with finding a lender that could provide a quick close on this retail asset in Barstow. The center is currently 50% vacant, highlighting the need for a lender that can accommodate the borrower’s lease-up plan and ensure timely funding for closing. The borrower is a repeat client for the A.C.Sawyer team.