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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/09/2019
Property Type
Property City
Gastonia
Property State
NC
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$6,700,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Deal Summary
Archway Fund, a direct private lender based in LA, provided a $5,025,000 1st lien position bridge loan for the acquisition of a retail center located in Gastonia, a city east of Charlotte, North Carolina. Our loan was 75% of the $6,700,000 purchase price, while the Borrower contributed 25% cash at closing. The property is 94% occupied and anchored by a large grocery store. We were able to provide a quick closing to accommodate the purchase through auction and bridge the gap until they can secure traditional financing. One of the challenges with this transaction is the anchor tenant recently went through bankruptcy and restructuring. We were able to get comfortable with the tenant and moved forward to close the loan in a timely manner. This CRE purchase bridge loan was funded in April 2019.
Funded By
Archway Capital
National Non-Recourse Bridge Loan & Equity Provider