$6.08M Bridge Loan;
A three-building, 105,000 sf, industrial property in Oakland’s “Green Zone.”
HRC’s assignment was to finance the repositioning of a traditional industrial property into a cannabis grow facility. The Sponsor acquired the property in an all-cash transaction and subsequently completed $1 million of cap ex improvements. The sponsor leased 50,000 square feet of space to prominent Bay Area cannabis industry tenants post acquisition. HRC arranged the loan with a private lender who agreed to a 67% LTC, 3-year fixed rate loan with an interest rate in the high single digits.