Commerical real estate marketplace lending platform, Money360, announced on Monday it has provided a $3.25 million bridge loan to the owner of the Regency Business Center, a four-building office property in Jacksonville, Florida.
According to Money360, the loan was secured by a first-lien deed of trust and allows the borrower to pay off a maturing, higher-interest-rate acquisition loan and buy out an existing partner’s interest in the office complex with the intent to eventually sell the property. The 45,500-square-foot, multi-tenant suburban property, which constructed in 1973, is currently in the midst of an extensive renovation that includes a new roof and HVAC, plumbing and replaced drain lines, drywall, carpeting and new paint.
Money360 noted that the Florida property is 97.4% occupied with units ranging from 97 square feet to 1,200 square feet. The platform’s loan has a fixed rate and a 24-month term. The loan-to-value ratio on the transaction was 65%. Money360 founder and CEO, Evan Gentry, added:
“Regency Business Center, with its recent upgrades and high occupancy rates, is an extremely viable investment. Money360’s bridge loan allows the borrower to continue with his business plan without interruption or delay.”
