$2 Million Secured for Raleigh, NC Office Property
Raleigh, NC – Brian Anderson arranged a $2,000,000 loan for Access Office Business Center to refinance an executive office space in an office building located at 8801 Fast Park Drive, Suite 301 in Raleigh, NC.
The property is located on the first and third floors of the office building that are designed as co-working spaces with fully furnished executive spaces, meeting rooms and common areas. The Team Room Suites range in size from 400 SF to 2,000 SF. This structure offers businesses the efficiencies of an open work environment combined with the privacy of walled executive offices. Access Office also offers a variety of meeting facilities equipped with latest technology, including video and teleconferencing capabilities. The final piece Access offers its clients is virtual offices. The virtual offices provide many comforts and conveniences of a traditional office without the overhead of having physical office space.
The subject property is ideally located at the intersection of Glenwood Avenue and Westgate Road, across from historic Angus Barn and adjacent to the Brier Creek community in Raleigh, North Carolina. Enjoy easy access to our facility from Research Triangle Park, I-540, I-40, Highway 70 and the Raleigh-Durham International Airport.
The deal was an interesting one due to the unique use of the office condos for a co-working office space. This is a relatively new use in commercial real estate and it was difficult getting a lender to do a cash-out refinance. Michael Ortiz from First National Bank saw the value in the property and was able to get aggressive in terms of value and pricing
Brian worked with First National to negotiate a 3.95% Interest Rate fixed for 5 years. The loan represents a 78% loan to value ratio.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.
We Get You to the Closing Table… Plain and Simple – #thatsPROGRESS.