Updated Dec 4, 2024
Gantry Secures $2.1M Refinance Loan For Retail Property In Charlotte
12194 Johnston Road
$2,100,000
Building Size
—
Asset Type
Retail
Closing
May 20, 2024
About this deal
AI
The property involved is the Shoppes at Toringdon, an 8,000-square-foot retail building located at 12194 Johnston Road in Charlotte, NC. Gantry secured a $2.1 million permanent loan to refinance this property leased to three tenants. The five-year, fixed-rate loan has a 30-year amortization schedule.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,100,000
- Address: 12194 Johnston Road
- Market: Charlotte, NC
- Brokers: Chad Metzger, Casey Kupferberg & Tim Storey - Gantry
- Loan Type: Refinance
- Loan Terms: Five-year, fixed-rate loan features a 30-year amortization schedule
The $2.1 million loan was arranged by Gantry's Phoenix office. Chad Metzger, Casey Kupferberg, and Tim Storey from Gantry played key roles in securing the refinancing deal for the Shoppes at Toringdon in Charlotte.
On the Map
$2,100,000
Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.55%
Cash-on-Cash
-2.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93