Recently Closed Industrial Bridge Loan:
Small-Bay Industrial Property In Clearwater, FL
The RRA Capital team has recently provided a bridge loan for a small-bay industrial property in Clearwater, Florida. The property consists of two buildings totaling about 44,000 square feet and 29 suites. Built in 1977, the property is located in an infill area around a mix of industrial, retail, and housing properties.
The sponsor plans to make needed repairs and renovations using RRA’s follow-on funding. RRA additionally provided an interest reserve to supplement cash flow while the sponsor implements their lease up strategy.
RRA provided a $3.1M non-recourse, interest-only loan, with two extension options. The loan provided acquisition funding, as well as a follow-on facility for capital expenditures, tenant improvements, and leasing commissions.