Bellwether Enterprise Secures $10.5M Refinancing for Retail Center in Orem, Utah
OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem.
Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term.
Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet.
Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.