Bridge Loan for Fresno Office Building 1031 Exchange Acquisition

Archway Fund recently closed a $2.1M acquisition loan for the purchase of a 6-story, class B, 46,000 SF office building located in the heart of Fresno, California. The property is anchored by Bank of the West, which makes up 91% of the property’s income. We funded $2,000,000 at closing and held back $100,000 for tenant improvements. The property is currently 58% occupied. The sponsor plans to increase occupancy and refinance with a permanent lender in 6 to 12 months. The sponsor has the property under contract for $3,675,000 and is using $1,700,000 of 1031 exchange monies towards this purchase. They had 3 weeks to close over the holidays before the 1031 exchange expired. They needed a fast closing, and we were able to execute for them.