• The center’s fall into disrepair motivated the city of Christiansburg to identify a new source of capital willing to assist in giving new life to this major component of the local retail area.
• The collateral is approximately 250,000 square-feet of retail building area and pad sites.
• One of the critical components of the reconfiguration included relocation of the main entry to take advantage of the center’s adjacency to the area’s regional mall across the main roadway. Another critical component included major demolition of interior spaces in order to re-tenant the property. The city contributed over $1 million to the infrastructure effort in a sign of fiscal support for the center’s resurrection.
• Senior management toured the market, visited the site and met with the development team in order to get comfortable with the project. The developer’s experience and track record of these type projects was a major factor in moving forward with the loan.
• Money360 had the solution. We were persistent, taking the time to understand the ever-changing plan and adjusting our underwriting as needed. This would not have happened without the diligence and patience of the experienced Money360 credit team, underwriting team and senior management.
Money360 is a direct lender and can create custom bridge loan solutions to finance transitional or unstabilized properties throughout the United States.