Recently Closed Industrial Bridge Loan:
Portfolio of Industrial Service Yards in Columbus, Ohio
The RRA Capital team has recently provided a bridge loan for a portfolio of industrial service yards located in Columbus, OH. The portfolio consists of four yards, totaling 31 acres. Three of the properties have junior structures that support property operations, and the fourth has a 3,000-sf cross-dock facility.
The sponsor plans to enhance the properties for future tenants using RRA’s follow-on funding. Once the renovations are complete, the sponsor plans to lease the properties out to market-rate tenants.
RRA provided a $7,088,000 non-recourse, 24-month interest-only loan, with two 12-month extension options. The loan provided acquisition funding, as well as a follow-on facility for capital expenditures, tenant improvements, and leasing commissions.
Special recognition goes out to James Currell of NorthMarq for arranging this transaction!