$5,775,000 Commercial Loan in San Diego, CA
Loan Amount: $5,775,000
Type: Commercial Loan
Term: 24 months
The borrower is an experienced developers expanding their commercial real estate portfolio. First Bridge Lending provided a loan for the developers to acquire the subject property, which is a service oriented multi-tenant retail center located on a high-traffic corner in the Kearny Mesa submarket of San Diego. Kearny Mesa has maintained a sub-5% vacancy level in neighborhood retail centers over the past decade. The property was cash flowing and being acquired at a 5% cap rate on in-place rents. The subject was 84% occupied and the in-place rents were below market creating an opportunity for the borrower to implement a more professional operational plan for the asset.
The loan amount totaled $5,775,000 at 55% LTPP for a 24-month term. First Bridge Lending originator Brian Haines facilitated this deal and helped the client secure funding for their next commercial investment property.
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Over 3,500 loans totaling more than $2 billion closed since 2012
Funded loans from $100,000 to $5 Million on Residential/Commercial properties
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