Transaction Overview
Steve Bram and Jonathon Lee successfully placed the $3,820,000 non-recourse bridge loan on a multi-tenant Pacific Southwest retail property. The Sponsor purchased this value-add retail center that was only 25% complete for $2,000,000. This bridge loan paid out the higher yielding 1st Trust Deed while providing additional capital for off-site, TI/LC, and restaurant out-parcel building improvements. Parcel releases were structured to allow for the sale of pads. Capitalized to 85% of total project costs, the loan funded within weeks of accepting the application. The 12 month term is interest only and does not carry a pre-payment penalty.
