The financing also is at 75% of property's estimated stabilized value, indicating the buyer plans to invest more than $3 million in the one-story, class-C brick building at 7300 N. Linder Ave. acquired for about $12.5 million.
"Inland Mortgage Corporation was able to assist the borrower after another lender could not complete the transaction within the borrowers time frame, " says Inland Mortgage senior loan originator Art Rendak in a statement. He adds the deal was done three weeks after the buyer contacted Inland.
The building, 81% occupied, is leased to tenants for light manufacturing and assembly.
An interest rate terms were not disclosed. However, Inland recently funded a Miami, FL multifamily deal at 1.5 points above prime.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.