Arriba Capital (Arriba) successfully closed a $1,700,000 loan secured by a retail plaza in Meadville, PA. The tenant roster included an Urgent Care, Armed Forces Recruiting Center, Chiropractor, Nail Salon, Sprint and Regional Council of Carpenters. The current debt was maturing and the existing lender (Credit Union) would not renew the loan due to a change in lending guidelines. The loan was fixed for 7 years at 5% with a 25yr Amortization. The new loan helped the borrower focus on business operations and not maturing debt.
The borrower is a privately held, Washington-based, real estate investment company.