July 24, 2017 Comments Off on Talonvest Negotiates Bridge Loan for Riverside Business Park   Views: 739 California News, Inland Empire

Talonvest Negotiates Bridge Loan for Riverside Business Park  

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.

Connect With CIP Real Estate’s Bob Strom

Read more at Talonvest’s Sherlock


Subscribe to Connect Daily California


Submit Your Nominations

For comments, questions or concerns, please contact Dennis Kaiser

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: ,

Comments are closed.