$7,500,000
Lansing, MI
Transaction Type
Loan Refinance
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Class B distribution warehouse
- Within first year of loan term, property was 50% occupied by a single tenant with less than 2 years remaining on the lease term
- Current and prospective tenants have strong ties to the automotive industry
- Future facilities necessary for CapEx and tenant improvements/leasing commissions (TI/LCs) for identified repairs and improvements to lease-up and stabilize the property
Solutions & Highlights
- Structured over $1 million in future facilities
- Offered the tenant two options for a 7-year lease renewal
- Tenants can use the Property for either distribution or light manufacturing, as needed
- 5-year loan term with extensions