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Deal Details
Private Loan Type
Preferred Equity
Approx. Funding Date
12/16/2021
Property Type
Property City
Willow Grove
Property State
PA
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$1,800,000
Number of Units
8
Deal Summary
Gelt Financial, a direct CRE lender, provided $600,000 in preferred equity for a mixed-use development project in Willow Grove, Pennsylvania. The subject property is adjacent to a shopping mall and anchored by a Sherwin Williams store. It has 8 retail units on an odd-shaped lot. The purchase price was $1,800,000. A local bank provided a senior mortgage of $1,336,000. We provided the remaining $464,000 for the purchase, plus additional funds for improvements. Upon the sale of the project, the sponsor will repay the $600,000 plus 50% of the profits. This pref equity deal was funded in December 2021.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989