Grand Rapids, MI
$5,1MM senior bridge loan for the purchase and renovation of a 70,000 square foot office building in Grand Rapids, Michigan. The 1980’s vintage building had dated common areas that needed capital. Like many in the suburban Grand Rapids office market, the previous owner was faced with either investing additional renovation capital to attract top-tier tenants or discounting rents to maintain occupancy. The owner decided to sell the property instead. Before closing, the Borrower had already been in contact with almost all of the tenants in the building, who were obviously excited about the upgrades to the property. Many were quick to offer extensions to their existing leases and some actually took more space. After completing the renovations, the Borrower plans to refinance with an institutional lender. This transaction was completed in April 2015.