Las Vegas, NV
Cannabis Grow Facility, Industrial
Commercial Property Value Add08/30/2019
Archway Fund, a direct private mortgage lender, provided a $6,400,000 non-recourse bridge loan for the acquisition of an industrial property in Las Vegas. The property size is 64,768 square feet. The Sponsor needed a quick bridge loan for the purchase but also needed funds to renovate the property. They wanted to build out the warehouse for a cannabis tenant. Archway was able to get comfortable with the sponsor's intention to lease the property to a cannabis cultivation tenant. The interest rate on this bridge loan was 8.25% Interest Only. The LTV was 65%, and the loan term was 12 months. 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.