Revere Capital funded a $6,450,000 loan to acquire the leased fee interests in two retail centers anchored by Gold’s Gym, who executed new 15-year NNN leases. Gravois Place (86,931 square feet) is located in Fenton (suburban St. Louis) MO, and The Shops at Walzem (55,526 square-feet) is located in San Antonio, TX.
- Proceeds were used to acquire the properties.
- Simultaneous with the acquisition, the Borrower entered into 99-year ground leases in which the Borrower leased the Properties to the ground lessee in exchange for a lump sum initial payment and escalating, annual rental payments.
- This is Revere’s fifth loan with this repeat Borrower, who relies on Revere to work quickly in order to make their closing deadlines.
- This transaction closed in under 10 days.