Summary: BluePoint arranged the acquisition bridge loan for a 21,000 SF mixed-use property in which the largest tenant (49% of NRA) will vacate within 4 months of close leaving the property less than 50% occupied. The buyer is also a foreign citizen and required a non-recourse loan. BluePoint identified a private lender who recognized the value of property’s in-fill location and the strength of the business plan to re-tenant the space and was able to provide the necessary LTV. The loan was fully approved and funded within 14 days.
Property: 21,000 SF Mixed-Use Property
Location: Palmdale, CA
Purpose: Acquisition Bridge Loan
Term: 24 Months
Prepay: No Prepayment Penalty