The subject property is a 101,091 sq ft former Walmart site on a 10 acre site. Borrower is experienced with dark commercial properties, having successfully repositioned 9 such properties. Three potential leases in place from national retail chains with over 5,000 locations nationwide plus borrower will be putting one of his fitness gym into this location. Rodeo Capital’s loan allowed the borrower to acquire the property in a time sensitive manner. Borrower will exit Rodeo’s loan through a construction loan for Tenant Improvements, after permits are received.
- 65% Loan to Value
- Experienced Commercial Real Estate Developer
- Signed LOI’s in place with 3 National Retail Chains