Liberty SBF Closes On $1.2MM SBA 504 Loan For Aerospace Parts Manufacturer in Farmington, CT
Financing will allow owner to upgrade property and remediate environmental concerns to relocate company to new space.
Farmington, CT – Liberty SBF, a full-service commercial real estate finance company, recently funded a $1.2MM first lien SBA 504 Loan from its own balance sheet for the acquisition and partial renovation of three contiguous buildings comprising 86,360 square feet of industrial warehouse space to Polar Corporation, an aerospace parts manufacturing company. The owner of the business is relocating to the new property, occupying 70% of the total space and leasing out the remaining square footage once renovation and environmental remediation are completed.
Liberty SBF was able to underwrite environmental remediation under the Connecticut Transfer Act by providing an extended interim first mortgage. Liberty SBF partnered with Mercantile Capital Corp to provide a $960,000 second lien interim loan. Interim financing gives the owner up to 18-months to complete the necessary work.
“Although it was an unusual situation we were able to get comfortable with the environmental concerns,” said Liberty SBF CEO Alex Cohen. “Our interim first lien loan will allow the borrower to complete remediation and renovation to prepare the property for his manufacturing company’s new location.”
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 specializes in providing first lien SBA 504 loans nationwide and works with Certified Development Companies to secure a second lien mortgage. For more information about Liberty SBF, please visit http://www.libertysbf.com.
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