Kannapolis, NC

$3,500,000

Industrial

Refinance

03/23/2021
Transaction by
BridgeInvest
BridgeInvest, a direct CRE private lender, funded a $3.5 MM refinance bridge loan secured by a 148,000 square foot industrial facility located in Kannapolis, North Carolina, a suburb north of Charlotte. The Borrower/Sponsor will use the cash out loan proceeds to pay off existing loans and prepare the asset for sale. The property was vacant and not cash flowing. It was most recently used as an FDA-approved pharmaceutical manufacturing plant with clean-laboratory, office and warehouse space. The high-spec equipment is a huge benefit and value-add. The sponsor was a business owner with limited commercial real estate experience. However, we looked past that, and the loan was structured based upon the real estate collateral only. BridgeInvest executed and closed the transaction in a few weeks to meet the sponsor’s needs. This commercial property bridge loan was funded in March 2021.