$3,150,000 Bridge Loan in Los Angeles, CA
October 6, 2020
Freedom funded a $3.15 million bridge loan on an unencumbered property in the final build-out phase and approximately 90 days prior to the project’s completion. Tenant improvements were being made so that lessee AutoZone could take occupancy.
Bridge loan
$3.15M
Retail, Los Angeles, CA
- Loan amount
- $3.15 million
- Collateral
- An unencumbered 10,000 square foot building in its final build-out phase
- Tenant
- AutoZone, on a new 20-year lease
- Relationship
- Five previous transactions with the borrower
The subject property is a 10,000 square foot building in Los Angeles. The lease with Auto Zone is a new, 20-year lease that commenced in February 2021.
Freedom has a longstanding relationship with the borrower, having previously executed five successful transactions together. The borrower obtained a 10-year loan commitment from an institutional source. However, the lender would not close until a Certificate of Occupancy was issued. The borrower needed funds to close on another transaction and asked Freedom to approve this short-term request. The loan was closed quickly and the borrower was able to close its other transaction on its pre-agreed time schedule.
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