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EBSC Lending Closes $22.8MM Bridge Loan on Mixed-use Property

January 30, 2024, 06:00 AM
Filed Under: Real Estate

EBSC Lending closed a $22.8 million senior bridge loan on a mixed-use property located in Cleveland, OH. The proceeds were used to refinance the existing loan, and  EBSC's senior bridge loan allows them to finalize their interior renovations and upgrades to the property and leasing commissions. The Dallas based Sponsor purchased the asset several years ago and recently signed a lease with a large tenant to take the majority of the building’s space. The building benefits from a central location providing proximity to downtown Cleveland as well as immediate access to major highways.

The sponsor required immediate execution due to the signed leases with tenants waiting to occupy the post-renovated space and give him the requisite operating capital he needed to complete the project. It didn’t take long for all of the critical underwriting boxes to get checked, The sponsor’s financials, experience, and project math hit all the requisite due diligence boxes leading to a successful funding with the following high level deal points leading to a swift approval and close.

The sponsor, Michael Sleece, merger and acquisition Specialist described EBSC Lending as "professional, engaging and expeditious. "I met with the decision makers and they made promises; surprisingly, they kept them. In today’s business climate, there are facilitators and then there are closers – EBSC Lending is a rare combination of both."

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