Refinance Bridge Loan for Retail Property in Park Forest, Illinois

Rodeo Lending, a direct private lender, funded a $3.96M bridge loan secured by a retail shopping center in Park Forest, IL. The subject property, located 30 miles South of Chicago, consists of 101,823 square feet across 3 buildings on a 13.99-acre lot. The loan proceeds were used to pay off the previous acquisition loan and to finish some tenant improvements for a new grocery store that is moving into the area. The loan-to-value for our bridge loan is 64%. Interest reserves were built into the loan amount. The Borrowers’ exit strategy is to refinance with a conventional lender upon stabilization, which is expected to be less than 2 years. The neighborhood’s residents are excited about the new grocery store opening after being without one for over a decade. This bridge loan was funded in August 2020.