BridgeInvest Funds $3.5 MM Industrial Refinance Loan in Charlotte
1st Priority Mortgage Lien
BridgeInvest recently closed a $3.5 MM refinance loan for a 148,000 square foot industrial facility located in Kannapolis, North Carolina, a suburb north of Charlotte. The property was most recently used as a high-spec, FDA-approved pharmaceutical manufacturing plant with clean-laboratory, office and warehouse space. The sponsor will use the loan proceeds to pay off existing loans and prepare the asset for disposition.
The property is currently vacant and not cash flowing as the owner lists it for sale.
A former pharmaceutical manufacturing plant, the property benefits from significant high-spec equipment throughout the asset.
BridgeInvest executed and closed the transaction in a few weeks to meet the sponsor’s needs.
Asset Based Loan
The sponsor was a business owner with limited commercial real estate experience. Hence, the Loan was structured based upon the real estate collateral only.