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PlattPointe Capital Closes $8.5MM Loan for Colorado Property Developer

June 11, 2018, 07:00 AM
Filed Under: Real Estate

PlattPointe Capital recently closed an $8,500,000 private money bridge loan secured by a large retail property located in Boulder, Colorado near the University of Colorado. The total duration from receiving the package to closing was 9 days.

PlattPointe and a local Family Office structured an interest-only loan that allowed the Sponsor to utilize the existing equity in their property while keeping the monthly payments the same. The tenants of the property consisted of multiple national retail, hospitality, and dining locations. The Sponsor required a $4,000,000 cash-out to continue development on another piece of property. The sponsor’s exit strategy is to refinance into term debt once their development projects have been completed.

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