Revere provided acquisition financing for a 100% occupied retail center in suburban Chicago.
- Revere Capital funded a $6,000,000 loan to acquire the leased fee interest in a 100% occupied 150,000 SF retail center. The property has maintained a strong occupancy history, with national credits including Burlington Coat Factory, Ross, Marshall’s, Dollar Tree, PetSmart, Panera Bread, Sprint, and BMO Harris Bank.
- Simultaneous with the acquisition, the Borrower entered into a 99-year ground lease with in which the Borrower leased the Property to the ground lessee in exchange for a lump sum initial payment and escalating, annual rental payments.
- This is Revere’s sixth loan with this repeat Borrower, who relies on Revere to work quickly in order to make their closing deadlines.