$5,050,000
Grand Rapids, MI
Transaction Type
Acquisition Finance
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Adaptive reuse project
- Conversion of vacant big box retail space to Class A climate controlled self-storage
- Significant interior construction needed for conversion
- 3-5 years conservative projection until property would be stabilized
Solutions & Highlights
- Strong, experienced Borrower
- 5+1+1 loan term allows ample time to convert, lease-up, and stabilize