Gastonia, NC

$5,025,000

Retail

Purchase

04/09/2019
Transaction by
Archway Fund
Archway Fund recently closed a $5,025,000 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. 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 a bankruptcy and restructure. We were able to get comfortable with the tenant and moved forward to close the loan in a timely manner.