Steve Hollister, senior vice president, and Aaron Beck, vice president of NorthMarq Capital’s San Diego office arranged a $7.8 million bridge loan for a big box retail project located in Las Vegas, Nevada. The property was formerly occupied by Target and vacant at the time the loan funded. The borrower had secured an executed lease for nearly half of the building with an investment-grade tenant prior to closing. The transaction was structured with a floating rate and three year interest-only term.
“The non-recourse loan includes a future funding provision that provides the borrower with the necessary capital to complete renovations to the property and increase occupancy to a stabilized level, at which point additional loan dollars will be funded,” said Hollister. “The loan also provided equity back to the borrower for future acquisitions,” added Beck.
