Arriba Capital (Arriba) successfully closed a $4,848,000 cash-out refinance for an 8,500 SF restaurant property located in Wauwatosa, WI. The new debt facility retired the previous, quarterly adjustable SBA loan while providing the sponsorship necessary proceeds for acquiring the land under an option agreement. This strategic acquisition reduced the overall operating expenses by replacing the cost of the existing land-lease with a lower monthly mortgage payment. Mo’s Irish Pub, a locally owned and operated restaurant concept, occupies this single tenant property.
The debt was structured to eighty-percent (80%) loan to value with a 3-year fixed rate at 4.25% and amortized over 15 years.
The borrower is an experienced, privately held, restaurant group that currently owns and operates restaurants in Texas, Wisconsin, & Indiana.