The General Partner will be buying out his silent partners and refinancing an existing bank loan.
Will additional properties be collateralized?
Borrower Credit Rating
The sponsor is an experienced developer and commercial real estate investor with a strong personal net worth and good credit. This request is to refinance existing bank term debt and to pay off partners. The property is currently about 82% occupied with new leases in process to get it up to 100% very soon. We have a new appraisal from March 16th reflecting the current value of $9.2 Million. The current structure sites on 2 acres and the remaining 2 acres is prepared for phase II of this retail center. The current request is for a bridge loan to take out the current partners and pay off the existing bank loan. The exit strategy will be to move the relationship to a more traditional financing source and complete the second 16,800 sq ft building.