PHILADELPHIA, PA — Duquesne Commercial Funding announces the successful closing of $11.9 million in a portfolio refinance loan for 23 Dollar General stores located throughout Illinois and Indiana. Twelve of the properties in the portfolio are in Chicago and eleven are in Indianapolis.
The CMBS non-recourse loan offers an initial two-year interest only period, with a 10-year fixed rate and a 30-year amortization period. The fixed rate was locked at an attractive 205 basis points over the 10-year swap.
“With 23 retail properties in two states, our primary goal was to achieve a seamless transaction for our client,” said Gerard O’Malley, managing partner at Duquesne Commercial Funding. “Thanks to our strong relationships across the country, we were able to successfully negotiate an attractive rate and terms for our client, and seamlessly close on the loan for all 23 Dollar General properties.”