The Sponsor was needing to refinance two flex industrial properties and acquire a third property as well.
Verus Commercial Real Estate Finance was able to structure an 18-month loan that was funded in two sperate tranches, with the first loan paying of the existing mortgage on two properties, provide Capex for one and provide a deposit for the acquisition. The second funding was to complete the acquisition, fund a Capex reserve and cover remaining closing costs.
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