Bridge Loan For Office Property

Loan Type:
Bridge Loan
Loan Amount:
$12,165,550
Loan Term:
2 YR
Amortization:
Interest Only
Recourse:
Non-Recourse
LTV:
64.6%

Challenges

• The borrower was facing a loan maturity and needed a flexible loan structure that included additional proceeds for tenant improvements.
• A second lease was signed with an additional tenant, but the borrower needed CapEx funds for parking area improvements, roof replacement, and to pay for lease-up costs. Needed proceeds for TIs for the second tenant. Property improvements CapEx and debt service reserves.
• Parking renovation and 6 months rent abatement. Historically it has been fully occupied.

Solutions

• Money360 provided a refinance loan on a one story 85,833 SFR&D industrial building in Ann Arbor, MI. The borrower was facing a loan maturing and certainty of execution was very important to the borrower. The borrower felt much better closing with us knowing we would get the deal done.
• We also provided flexible loan structure that paid off their existing lender with additional proceeds for CapEx and tenant improvements.
• Our loan structure enabled the borrower to continue operating and improve their property while they leased up the property.

Stratos Athanassiades

Money360

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