Inland Mortgage Capital closed a $3,400,000 non-recourse, first mortgage loan on a shopping center in Greeley, CO.
The 87,274 SF neighborhood retail center is fully-leased with two national tenants. IMC faced an underwriting challenge with the largest tenant, occupying 59% of the center, having an expiring lease in 2019.
Nevertheless, IMC was comfortable with the location due to the fast growing population, and the fact that the tenant has been in occupancy since 1994 with improving sales.
