Southfield, MI

$2,040,000

Healthcare, Office

Purchase

10/31/2019
Transaction by
Wilshire Finance Partners
In late 2019, Wilshire Finance Partners provided a $2,040,000 bridge loan for the acquisition of a commercial property in Michigan. The Borrower had identified a triple net (NNN) leased medical office building with a dialysis center tenant. The primary challenge faced by the Borrower was the speed and certainty required to close because of the amount of time left to complete their 1031 exchange. Recommended by the Realtor, Wilshire used its internal underwriting and the discretionary capital in our debt funds to quickly and efficiently close the transaction before the 1031 exchange deadline. The loan-to-value was 67%, and the loan term was 24 months. The Borrower plans to refinance with conventional financing to pay off our bridge loan.