Blanket Refinance Bridge Loan for Cannabis Dispensary in Connecticut and a Shopping Center in New York

Gelt Financial, a direct CRE lender, funded an $800,000 1st lien position blanket loan for a cannabis dispensary in Enfield, CT, and a shopping center in Schenectady, NY. two-property portfolio. The first property is a $1,800,000 purchase of a former two-unit Starbucks/Subway that is being converted into an owner-occupied cannabis dispensary. The city of Enfield approved a permit for the Borrower to open Connecticut’s 24th dispensary location. The property requires approximately $298,000 of renovation prior to occupancy. The second property is a free-and-clear shopping center located in Schenectady, NY (near Albany) that was purchased for $760,000 in early 2020. It consists of 19,962 square feet and is anchored by Family Dollar. Our loan was 53% LTV of the overall valuation. The Borrower was very experienced in real estate investments and had excellent credit. They plan to refinance into a long-term loan as an exit strategy. The interest rate was 13% floating and we charged 3% origination points. The loan term was set at 12 months. This CRE bridge loan was funded in December 2023.