Revere Capital provides a $3,900,000 bridge to construction loan
- Loan secured by a 1st lien on land entitled for a multifamily development
- Secondary collateral includes 2nd liens on a commercial land parcel and a single-tenant industrial building
- Loan term is six months
Revere Capital funded a loan totaling $4,100,000 secured by an office tower, a small undeveloped land parcel and an assignment of a multi-level parking garage lease in Pontiac, MI.
- Loan proceeds were used to acquire the office tower, an adjoining undeveloped land parcel, and also capitalize a reserve account for future CapEx
- Loan with time needed to negotiate new leases to stabilize occupancy
- Loan required a quick closing to satisfy the terms of an agreement between the City of Pontiac and the seller who obtained a judgment against the City
Revere Capital funded 50% of a $4,000,000 loan secured by a second lien in a ~11,000 sf house in Malibu, CA. The loan term is four months and will provide the sponsor, a former NBA player who played for 21 seasons and is in the Hall of Fame, with additional time to market and sell the house.
- Loan proceeds were used to bridge to a sale
- Term is four months
- Loan closed in less than one week
Revere Capital funded a $3,185,000 loan secured by a 693-unit self-storage facility in Clarksville, TN. The loan was used by the sponsor to fund a capital expenditure reserve to be used for value-add projects at the property during Revere’s loan term.
- Loan proceeds were primarily used to acquire the property
- Loan term is 18 months with one extension for 6 months
Revere Capital funded a $7,800,000 loan secured by a 29,685 sf, two-story Class B multi-tenant office building in Austin, TX. The loan was used by the sponsor to acquire the property. The sponsor is a repeat customer of Revere Capital. The loan will amortize down to $6,200,000 during the loan term which will facilitate a refinancing with conventional debt financing.
- Loan provided the sponsor with 75% loan to purchase price proceeds
- Sponsor is a repeat customer of Revere
Revere Capital funded a $5,000,000 loan secured by a first lien on two land parcels that are slated for the development of manufactured housing communities.
- Proceeds were used to refinance existing debt
- Property is currently occupied by the government in response to COVID-1