Citadel Credit Union Provides $1M Refinance Loan For Industrial Property In Greater Philadelphia

The property asset involved in the transaction is an industrial asset located at 380 Montgomery Avenue in the Greater Philadelphia market. The property spans a total of 15,486 square feet and is refinanced for a loan amount of $1,000,000.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $1,000,000
• Loan Type: Refinance
• Loan Terms: 5/25 at 6.60%
• Lender: Christopher Hansen - Citadel Credit Union
• Landlord: Steven Fusaro - K&S Towing
• Original Loan: Variable SBA 7(a) originated in 2017 for purchase and conversion of a gas station
• Monthly Savings: $450
• Cash Out for Follow-Up Acquisition: $90,000

The key individuals involved in the deal include Christopher Hansen representing Citadel Credit Union, which provided the refinance loan, and Steven Fusaro representing K&S Towing, the landlord of the property. The refinance allows the borrower to save on monthly payments while facilitating additional funding for future acquisitions.