Tampa, FL

$8,150,000

Healthcare, Office

Purchase

08/30/2019
Transaction by
Archway Fund
Archway Fund, a direct private mortgage lender, financed a $8.1M non-recourse bridge loan for the purchase of a medical office building in Tampa, FL. The property was 86% occupied, and the largest tenant is the US Air Force, who had recently executed a long-term lease. The Sponsor was working with a credit union to secure financing for the purchase, but they could not close in time. Archway stepped in and closed the deal in 9 days. The interest rate on this bridge loan was 8.5% Interest Only fixed. We charged an origination fee of 2 points. The LTV was 65%, and the loan term was 12 months with 3 months of guaranteed interest. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This bridge loan was funded in August 2019.