Daytona Beach, Florida – Commercial Loans news is from the Race Capital of the World, Daytona Beach. There has been a variety of Commercial Loan activity in Daytona Beach recently with commercial loans on Industrial Properties and CTL Financing on Net Lease Properties. Commercial Mortgage Lenders have secured funds for a Commercial Loan on International Speedway Square. This net leased property, International Speedway Square, is located at 2500 West International Speedway Boulevard, Daytona Beach, with 32114 as the zip code.
The Owner who signed for the Commercial Loan is the Indianapolis-based Kite Realty Group Trust. This Commercial Loan is funded in the amount of $21 million. Commercial Mortgage Lenders were able to get a 10 year term on this newly financed Commercial Loan. These Commercial Mortgage Lenders also arranged the Commercial Loan with a very fair 5.77% fixed interest rate. Reports have the signors of the Commercial Loan using some of the capital to pay down their revolving credit line.
The CFO (Chief Financial Officer) of Kite Realty Group Trust has mentioned their appreciation of the 10-term Commercial Loan as they strengthen their current balance sheet. Commercial Mortgage Lenders have noted the Daytona Beach Commercial Loan is a reflection of the security of this net lease property. Apparently the Commercial Loan collateral had recent net leases signed in-order to help pay down their Commercial Loan.
This Commercial Loan collateral has Bed Bath & Beyond, Michael’s, Old Navy, Staples and Stein Mart as anchors of this retail shopping center. Also Dick’s Sporting Goods is a fairly new Tenant at this net lease property used as collateral on the Commercial Loan. The net lease Tenant, Dick’s Sporting Goods normally leases buildings that are at least 50,000 square feet. However, this Daytona Beach Commercial Loan collateral is slightly smaller as Dick’s Sporting Goods leases approximately 40,099 square feet.
This Commercial Loan collateral, International Speedway Square is positioned just down the street from the world famous Daytona International Speedway. The Daytona Beach Commercial Loan collateral has a premier location with excellent access from I-95. This Florida Commercial Loan collateral benefits from over 50,116 vehicles passing per day on the International Speedway Boulevard (U.S. 92.). Some reports have this Florida Commercial Loan collateral as a total of 230,000 square-feet but others show the property is 254,299 square feet.
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