$2,160K Build To Suite Loan For A New 7-Eleven In Murrieta, California
June 10, 2020
Freedom Financial Funds recently closed a $2,160K build to suit loan for a new 7-Eleven with fuel, to be built in Murrieta, California. The project is being developed by RDP Lemon, LLC. This is the fourth loan that Freedom has done with this client. This loan financed the acquisition of the site and the work required to deliver a pad to 7-Eleven, as required by its ground lease.
Build-to-Suit loan
$2.16M
Retail, Murrieta, CA
- Loan amount
- $2,160K
- Purpose
- Acquire the site and deliver a pad to 7-Eleven, as its ground lease requires
- Tenant
- 7-Eleven with fuel
- Leverage
- 90% of the project’s costs
- Developer
- RDP Lemon, LLC
- Relationship
- Fourth loan with the client
As with prior loans with this client, Freedom financed 90% of the project’s costs. Freedom can provide this level of leverage because the sponsor has demonstrated excellent execution capability, even when others were unable due to the challenges caused by COVID.
7-Eleven is a solid investment grade tenant and has a S&P grade of A. Ground leased investments with this tenant remain very desirable and both the client and Freedom expect that the project will be sold at completion.
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