PlattPointe Capital recently arranged a $5 millionbridge loan for the acquisition of a Walgreens in Tampa, Florida. The Sponsor was in the process of combining two portfolios of properties using a CMBS loan that would be held in a Delaware Statutory Trust. One portfolio had 5 properties and the other a single Walgreens. Due to complications with the two side’s due diligence timing, a bridge loan was requested by the Sponsor for the singe asset to buy time to complete the CMBS loan. PlattPointe Capital was brought into the deal to identify a bridge lending debt fund.
Loan Terms
- $5,000,0
- 70% LTV
- Non-Recourse
- 12 Month Term
- No Pre-Payment penalty
A few hurdles led to this loan request requiring debt fund execution. First, a Delaware Statutory Trust must have non-recourse financing. Due to the tight time constraints the bridge lender was able to use reliance letters from the CMBS third party reports to complete their due diligence. Finally, since the capital need was short-term, there needed to be no prepayment penalty. PlattPointe Capital sourced a qualified bridge fund that was up to the task and met the requirements of this transaction.