Liberty SBF Closes On $1.3MM Bridge Loan For the Refinance of a Senior Housing Property in Romeoville, IL
Borrower needed funds to consolidate bank debt and buy out limited and general partners in short timeframe.
Romeoville, IL – Liberty SBF, a full-service commercial real estate finance company, recently provided a 70% LTV, $1.3MM Bridge Loan from its own balance sheet for the refinance of a 25,326 SF senior housing property consisting of 54 one-bedroom units in Romeoville, IL, approximately 30 miles southwest of Chicago, IL. Liberty SBF was able to get the deal from application to funding within 30 days in a time sensitive deal. The borrower used the funds to pay off existing first and second mortgages, as well as buying out of the limited and general partners that had ownership. Post closing, the sponsor owned 100% of the property.
The property provides ambulatory elders living on fixed incomes with affordable yet well maintained and professionally managed apartment units. The property has been in operation for over 20 years with the sponsor involved in the development, ownership, operation, and management of the business.
Liberty SBF’s bridge loans are directly funded from its own balance sheet and can be put to many uses for commercial property owners including quick close acquisitions, DPO financing, debt refinancing & restructuring, and partner buyouts. Eligible property types include hotel, multifamily, retail, office, and manufactured housing.
About Liberty SBF
Liberty SBF (Liberty) is a full-service commercial real estate finance company that provides loan origination, loan servicing and asset management. Liberty has a special expertise in small-balance commercial lending, lending directly from its balance sheet. With offices in Philadelphia, Chicago, Los Angeles and New York, Liberty originates loans across the United States. For more information about Liberty SBF, please visit http://www.libertysbf.com.