July 24, 2017
Talonvest Capital, Inc. funded a $10.8-million non-recourse, 80.4% loan-to-cost, two-year bridge loan for the value-add acquisition of Summit Business Center in Riverside, CA. The 138,770-square-foot, single-story, five-building, multi-tenant business park is located within the Hunter Park location on Iowa Avenue.
The two-year loan, with three one-year extension options, was funded by a private CRE finance company with discretionary capital, and priced to a LIBOR floating interest rate with interest-only payments for the initial term and the first extension. Future advances for tenant improvements and leasing commissions were structured into the loan commitment. In addition, the loan was non-recourse and featured prepayment flexibility.
Talonvest’s Tom Sherlock, Eric Snyder and Erich Pryor handled the transaction, on behalf of Irvine, CA-based CIP Real Estate.
For comments, questions or concerns, please contact Dennis Kaiser