Franklin Street Capital Advisors has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing, Oklahoma. Ben Millerand Casey Siggins of Franklin Street secured the loan on behalf of the owner, Lone Star Equities, Inc. The 10-year loan includes a 4.5 percent fixed rate with a 20-year amortization.
“We were able to overcome significant challenges to secure this loan, including an out-of-market sponsor and significant lease roll over during the next two years,” Miller said. “This cash-out refinance will allow the borrower to make improvements to this asset as well as other assets within his portfolio.”
Anchored by Cost Cutter, the 7.59-acre property is located at 2220 East Main Street on a main thoroughfare and is currently fully leased. Other tenants at the center include Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own, and Compliance Advantage.
About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, Management, and Valuation—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.