Recently Closed Industrial Bridge Loan:
Small-Bay Industrial Property In Las Vegas, Nevada
The RRA Capital team has recently provided a bridge loan for a small-bay industrial property in Las Vegas, Nevada. The property consists of two buildings, totaling about 30,000 square feet with 18 suites. Built in 1993, the property is located in an infill area around a mix of industrial, retail, and hospitality properties.
The sponsor plans to make any necessary repairs and renovations using RRA Capital’s follow-on funding. RRA supplied an additional interest reserve to supplement cash flow while the sponsor implements their lease up strategy.
RRA provided a $3.4 million, non-recourse, interest-only loan, with two extension options. The bridge loan provided acquisition funding, as well as a follow-on facility for capital expenditures, tenant improvements, and leasing commissions.
Special recognition goes out to Bill Chiles and Scott Peterson of CBRE for arranging this transaction. We are continuously looking for new lending opportunities in the sub $20MM real estate space, let’s work together!