Pontiac Towers

Loan Highlights

  • Location: Pontiac, MI
  • Product Type: Office
  • Loan Amount: $4,100,000

Description

Pontiac Towers

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
Cheyanne HarringtonMarch 19, 20210 comments