Revere Capital funded two loans totaling $21,000,000 secured by two separate Class A self-storage facilities in Arizona.
- Loan proceeds were used to recapitalize the capital structure by refinancing the construction loans and return a portion of the invested capital in the project
- Loan will provide the borrower with time to season the recently completed facilities to prepare for an eventual sale or refinancing with permanent debt
- Sponsor is a repeat customer of Revere Capital
Revere Capital funded a $2,475,000 loan secured by a first lien on the leased fee interest in a 236,000 square-foot retail property sitting on a 27.5-acre lot located in suburban St. Louis, Missouri.
- Borrower is a repeat borrower
- Security comes from a 99-year ground lease on the leasehold improvements
- Property is occupied by several national, credit tenants
- Transaction closed in under 3 weeks
Revere Capital funded a $25,000,000 loan secured by a first lien on a 400,000-sf retail shopping center sitting on over 22 acres of commercial land located in Birmingham, AL.
- Property is considered to be one of the premier pieces of real estate in the Birmingham market
- Proceeds were used to refinance the property
- Sponsor is an experienced retail operator with a track record of success
Revere Capital concurrently funded two acquisition loans totaling $18,000,000 secured by first liens on two Phoenix-area hotels: a 105-room hotel in Downtown Phoenix, and a 90-room hotel in Florence, AZ.
- Revere was able to structure the loans around the sponsor’s complex TIC structure.
- Small holdbacks were included in each loan for initial capital improvements and working capital needs during the management transition process.
- Both hotels will be affiliated with one of the largest global hotel companies.
Revere Capital funded a $19,850,000 loan secured by a 295-unit multifamily property located in Slidell, LA
- Loan proceeds were used to refinance the CMBS loan on the primary collateral and provide cash out proceeds to the sponsor to be used to fund costs related to three other real estate projects
- Loan is also secured by second liens on three commercial properties and an assignment of two notes
- Sponsor is a repeat customer of Revere Capital
Revere Capital funded an $8,900,000 loan secured by a first lien on a 145,000 sf shopping center located in Fresno, CA that is currently 97% occupied. Proceeds from Revere’s loan were used to acquire the subject property. Repayment of Revere’s loan is expected to come via the sale of various NNN parcels at the subject property including Starbucks, Arby’s, Dollar Tree and Chevron. Revere will sweep 100% of the net sales proceeds until the loan has been repaid in full.
- Loan proceeds were used to acquire the property
- Loan is senior to a mezzanine loan provided by a California-based institutional lender
- Sponsors are experienced local retail commercial real estate owners and operators
Revere Capital funded a $7,200,000 loan secured by a first lien on two commercial buildings and two land parcels located in San Fernando, CA.
• A portion of the collateral consists of a historic property in the city
• Borrower intends to complete renovations for both properties
• Proceeds were used to refinance existing loans and for capital improvements
Revere Capital funded a $4,250,000 loan secured by approximately 14 acres of entitled land in Riverside County, CA.
- Proceeds were used to refinance the existing mortgage and fund a holdback reserve for costs associated with construction documents and permits.
- Loan provides the borrower with time to complete the permitting process needed to obtain a construction loan.
Revere Capital funded a $23,500,000 loan secured by a multifamily and retail property in New York City.
- Loan proceeds were used to refinance senior debt, pay down a portion of mezzanine debt and complete property renovations
- Multifamily and retail units are subject to long term leases in place at closing
- Sponsorship is an experienced local multifamily owner and operator
Revere Capital funded a $10,500,000 loan secured by a first lien on a one acre site within the affluent Bel Air neighborhood of Los Angeles.
- Repeat borrower of Revere who has extensive experience in the surrounding area
- Borrower was able to maximize leverage by providing additional collateral and proving Revere with an equity participation
- Closed in one week to facilitate the borrower’s off market buying opportunity
