Cronin of Q10NY closes a $4.05 million first mortgage for a Texas Best Buy

Jeanne Cronin, managing director of Q10 | New York Realty Advisors (Q10NY), has closed a $4.05 million first mortgage loan on a free-standing Best Buy. The property is visible from and has access to I-69 (Southwest Freeway). The loan was originated and placed by Jeanne Cronin of Q10NY with a Texas bank. The fixed-rate loan was written for a term of 10-years with the borrower having the option to extend the term for an additional five years. The lender fixed the interest rate at 4.75% for the full 10-year term. The property is owned and managed by a Midwest-based real estate family with an extensive portfolio of credit and non-credit single tenant properties. The lease with Best Buy expires during the term of the loan but has several renewal options. As per Cronin, "although the tenant does not report sales, the lender recognized the strength of the location and the tenant's long-term commitment to this store having recently spent a substantial amount of its own money upgrading the property." Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 24 offices nationwide. Q10NY worked closely with its Q10 partner, Q10 Amegy Mortgage Capital, which exclusively represents the lender. Paul Gardaphe SVP of Q10 Amegy Mortgage Capital represented the lender.