$1,500,000 CRE loan payoff in Warwick, RI

Congratulations to our borrower, Piedmont Acquisition, LLC, who successfully obtained a conventional long term bank loan to pay off WAC’s $1.5 million short term bridge loan. The sponsor purchased a vacant 60,000 square foot industrial building in Warwick, Rhode Island approximately 90 days ago and then secured a European tenant who signed a long term lease for the entire building. Attracting a major tenant to the building solidified the investment for the sponsor as this new lease will generate tremendous cash flow for the next twenty years with a very robust NOI. Additionally, as a direct result of obtaining this long term lease, the market value of the property increased exponentially since the date of the purchase. This precision execution of a complicated CRE transaction enabled the sponsor to quickly obtain his long term bank financing and pay off WAC’s mezzanine short term bridge loan in 90 days. This deal was “text book” short term private lending!