Recently Closed Bridge Loan:
Industrial-to-Self-Storage Conversion In Paterson, NJ
The RRA Capital team has recently provided a bridge loan for a an industrial-to-self-storage conversion in Paterson, New Jersey. Built in 1950, the property is a 4-story, 24,000 sf building historically used as an industrial asset. The property will be converted into a climate-controlled self-storage facility.
The sponsor plans to use RRA’s follow-on funding to install self-storage units and make necessary repairs and improvements. RRA additionally provided a reserve for interest, taxes, and insurance to supplement cash flow during the implementation of the sponsor’s business plan.
RRA provided a $3M non-recourse, interest-only loan, with two extension options. The loan provided acquisition funding, as well as a follow-on facility for capital expenditures. Special recognition goes out to Justin Horowitz and Richard Horowitz of Cooper-Horowitz for arranging this transaction!