$2,050,000 Purchase Loan on a Retail/Office Property in St. George, Utah
St. George, UT
The subject property is a 100% occupied important iconic building in downtown St. George, Utah. It is a 4 story 15,479 square foot multi-tenant retail/office property with an attached annex located in a great location in a central courtyard complex. This was a time-sensitive transaction that a conventional bank could not close in the required time. The repeat borrower came to us with only1 week left in escrow. Rodeo Capital saved the day and closed this loan before the borrower lost his large "hard" deposit and the purchase of this highly sought after property. Borrower plans to upgrade common areas, increase rents to current market rate and will exit our loan with a conventional bank refinance.