Commercial real estate marketplace lending platform, Money360, announced on Monday it closed a record $35.6 million in commercial real estate loans in December 2016.
The marketplace lender revealed that December’s transactions reflect short-term bridge loans for a mix of property types, including retail, office and industrial in California, Florida, and Illinois. A total of five properties were financed including a one-story suburban office building in Irvine, California; a three-building industrial complex in Richmond, California; a seven-building anchored retail property in Orlando, Florida; a three-story suburban office building in Palm Harbor, Florida; and a three-story office property in Rosemont, Illinois. These deals were the following:
- Irvine, California: $5.4 Million to Refinance an Office Property Currently Being Re-entitled for Multifamily Development
- Richmond, California: $5.7 Million to Purchase a Three-Building Industrial Complex
- Orlando, Florida: $9.53 Million to Refinance a Seven-Building Anchored Retail Property
- Palm Harbor, Florida: $2.5 Million to Refinance a Three-Story Office Building
- Rosemont, Illinois: $12.5 Million to Refinance a Suburban Office Property
Founder and CEO, Evan Gentry, added:
“Money360 continues to gain traction in the marketplace lending industry. Given our current trajectory, we anticipate 2017 to be a banner year with the solid performance of our platform reflecting a heightened demand on the part of both borrowers and investors in the commercial real estate space.”