)
Chicago Suburbs - 2nd Lien Rehab Loan for 300,000 SF Industrial Building
Melrose Park, IL
Chicago Suburbs –2nd lien rehab loan for 300,000 Sq. Ft. Industrial Building
Client : A local commercial real estate developer we’ve done business with in the past.
Transaction : Second lien rehab loan for improvements on a 300,000 square foot commercial and industrial building located in Melrose Park outside of Chicago.
Challenge : Client needed capital to make major repairs to increase value of commercial building as soon as possible but had a 1st lien mortgage. Client had other collateral free and clear.
Opportunity : Sherpa Capital Group LLC was able to provide financing within 10 days from signed term sheet.
Action : Sherpa Capital Group LLC secured the loan by a 1st mortgage on a 12-unit cash flowing apartment building and 2nd lien on 300,000 square foot industrial building with significant equity.
)
)
)