Owner Occupied Industrial Development - Montrose, CO
$5,465,000 loan arranged by PlattPointe Capital.
MONTROSE, CO - PlattPointe Capital recently closed a $5,465,000 construction loan secured by a large riverfront property located in Montrose, Colorado. The loan request was referred by a local bank because the loan request exceeded their lending capacity, but they wanted to see the project get financed as it is a critical economic project for the community. The Sponsor had a hard deadline for occupancy of December 2018 because their current facility is already sold.
PlattPointe Capital arranged financing through a portfolio bank located in a Chicago, IL suburb and structured a $5,465,000 loan as interest only during the construction period with an option to roll into a permanent fixed-rate term loan with the same lender. The loan proceeds will be used to build Mayfly a 41,000 square foot corporate headquarters and manufacturing facility, located on the keystone parcel of the property. The City of Montrose is strongly behind the broader revitalization vision for the rest of the 160-acres of land along the Uncompahgre River which will be a multi-year, multi-phase development of residential housing, commercial buildings, retail and a hotel to service the nearby municipal airport.
Loan Amount: $5,465,000
Interest Rate: Prime +2
24-Month Interest Only Construction Loan
Bridge construction loan rolls into permanent loan
About PlattPointe Capital:
PlattPointe Capital provides alternative financing solutions to commercial real estate investors and developers as well small businesses seeking to expand operations. With a variety of lending options, we pride ourselves in meeting our clients’ diverse borrowing needs with quality service and individual attention.
More information can be found at www.plattpointe.com.
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TRANSACTION BY THE NUMBERS
Square Feet of Office/Industrial
Fixed Interest Rate