Flagstaff, AZ

$6,500,000

Retail

Refinance

12/28/2020
Transaction by
RRA Capital
RRA Capital, a CRE bridge lender based in Phoenix, funded a $6,500,000 refinance loan secured by a a multi-tenant retail building located in Flagstaff, Arizona. The property is the site of a former Sears department store and is adjoined to the Flagstaff Mall. Built in 1979 and recently renovated, the property consists of 66,381 rentable square feet and a vacant outparcel. Our loan provided funding to refinance the previous loan as well as follow-on proceeds to cover leasing costs. Approximately 90% of the subject property will be occupied by Hobby Lobby, which opened to the public shortly before loan closing. The remaining 10% will be occupied by a gym tenant that is scheduled to open in early 2021. The vacant outparcel is currently under contract for purchase by a national fast-food chain. The loan term is 24-months interest-only loan, with two, 6-month extension options along with release price flexibility for portions of the collateral and a follow-on funding facility to cover leasing costs. The loan was non-recourse; we don't require a personal guarantee for most of our loans. This CRE bridge loan was funded in December 2020.