Massey Knakal Capital Services Closes $2M Loan for Office Depot-Leased Building in Oklahoma City

OKLAHOMA CITY, OKLA.-Massey Knakal Capital Services has closed on a $2 million loan for a single-tenant retail property currently leased to Office Depot at 2724 Northwest Expressway in in Oklahoma City, Okla.

The loan, provided by a life insurance company specializing in small loans, was fixed for 15 years at 5 percent.

“The challenge on this deal was that there was only six years left on the original lease term to Office Depot, who had been downgraded from a credit perspective,” said Bruce Whipple, first vice president of Massey Knakal who handled the transaction. “That was a non-starter for several lenders.”