Retail

Loan Highlights

  • Location: Fairfield, CA
  • Product Type: Retail
  • Loan Amount: $3,220,000

Description

Retail

  • Revere Capital funded a $3,220,000 loan to acquire the recently completed Hobby Lobby store in Fairfield, California
  • All tenant improvement work has been completed, but Hobby Lobby is unable to take position of the space until the shelter-in-place orders are lifted
  • The intended permanent lender had to pull back from the transaction at the last minute due to the COVID-19 situation
  • The seller was unwilling to extend the acquisition escrow, so Revere funded and closed the transaction in just nine days