FRIEDMAN FINANCE SECURES $12 MILLION AND $14.5 MILLION PERMANENT LOANS FOR STABILIZED OFFICE BUILDINGS IN TROY
Farmington Hills, Michigan (February 13, 2019) – Friedman Finance is pleased to announce that it recently arranged loans totaling $26.5 million secured by two suburban office buildings located in Troy, Michigan. Ryan Denomme, Director of Friedman Finance, originated the loans through a regional bank. The non-recourse loans featured 10-year terms and attractive interest rates. They also provided the borrower, a local investor group, with the flexibility to prepay the loans early with minimal prepayment penalties compared to CMBS and life company offerings of similar term.
“A 10-year term, prepayment flexibility, minimal reserves and a low interest rate were the borrower’s objectives”, said Denomme. “We obtained quotes from several different sources of debt then provided the borrower with a comprehensive comparison so they could determine which loan was the most attractive and the best fit for their business plan.”
Friedman Finance specializes in matching investors and owners of commercial real estate with sources of capital. Utilizing our network of banks, credit unions, life insurance companies, CMBS lenders and private equity investors, we provide debt and equity solutions for investment real estate projects of all types. Friedman Finance is a subsidiary of Friedman Real Estate.
ABOUT FRIEDMAN REAL ESTATE
As one of the largest privately-held full-service commercial real estate organizations in the nation, Friedman Real Estate provides clients with a single point of contact for the full range of Advisory, Property Management, Brokerage and Construction services that it offers.
Friedman manages more than 140 commercial properties encompassing more than 16M SF and more than 10,000 apartment homes throughout the United States. Friedman’s brokerage team has over 800 current listings with $10 billion in closed transactions. As owners and managers of commercial property for 30 years, Friedman understands what it takes to achieve results that maximize their clients’ objectives.
For more information, please visit: www.friedmanrealestate.com.