Revere Capital funded a $19,625,000 loan secured by a 360,000 sf retail property in Colorado Springs, CO. The loan was used by the sponsor to purchase its debt at a discount from a mortgage REIT who needed liquidity. The loan also provided a reserve account for future leasing costs.
- Loan was under application with another lender who was unable to fund due to COVID-19 related financing issues. Fortunately, Revere is well-capitalized and was able to close quickly with a creative structure that maximized proceeds
- Revere was able to close this loan in under 15 business days