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

The industrial property located at 380 Montgomery Avenue in the Greater Philadelphia market has undergone a refinance loan transaction. The property spans across approximately 15,486 square feet and is owned by Steven Fusaro of K&S Towing.

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

In this loan deal, Christopher Hansen from Citadel Credit Union has provided a refinancing option for the property. The loan terms include a 5-year period, with a 25-year repayment schedule, at an interest rate of 6.60%. The loan serves as a refinance for a variable SBA 7(a) loan that was originally obtained in 2017 for the purchase and conversion of a gas station. Through this refinance, the borrower will save $450 per month and receive $90,000 cash out for a follow-up acquisition.

Citadel Credit Union Business Banking offers premium financial services to small business and commercial clients in the Greater Philadelphia area. Prospective members can find more information about their deposit, lending, and cash services products at www.citadelbanking.com/business-banking.