Project Description

Mixed-Use/Commercial – Marion, AR

  • Status: Performing
  • Position: First Lien
  • Loan Type: Acquisition
  • Current Loan Balance: $2,610,000
  • Fully Committed Loan Amount: $2,610,000
  • Appraised Value: $4,350,000
  • Loan to Value Ratio: 60.0%
  • Current Interest Rate: 11.50%
  • Interest Rate Index: WSJP + 8.25%
  • Interest Rate Floor: 11.50%
  • Origination Date: December 9, 2020
  • Maturity Date: September 1, 2021
  • Term: 8 months
  • % of Portfolio: 3.4%

Tri State Advanced Surgery Center is an 8,467-square foot, single-tenant ambulatory surgery center located in the Memphis, TN-MS-AR Statistical Area. The property is leased by SARC Surgery Center. The borrower is paying out of pocket to complete additional tenant improvements to convert the center to a multi-specialty center with cardio/cath procedures.