Just Closed: $5.1M Bridge-to-504 Loan for Industrial Property
Liberty closed a $5.1 million bridge loan for the acquisition of an industrial building in Las Vegas, NV. The Sponsor required interim bridge financing for a quick close and will refinance to a low-cost, high-leverage SBA 504 loan in the spring of 2022. Our team is currently working on SBA approval.
Currently valued at $7.5 million, the Subject is a 61,400 SF industrial building situated on a 4.84-acre site. The property comprises a large warehouse space with 26-foot ceilings, several offices, and 42 parking spaces.
The borrower is an industrial packing materials company offering supplies such as moving boxes, packing foam, moving kits, printing labels, poly bags, and more. With 95% of sales coming from e-commerce, the business grew nearly 40% from 2019 to 2021. The acquisition allows the owners to increase warehouse space by 15,000 SF and gain greater control over operating costs.
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