Location:
A portion of Parcel 19
Tahoe-Reno Industrial Center
Storey County, Nevada
Client:
Union Property Capital
Property:
A to-be-built 500,770 concrete tilt-up distribution building situated on a portion of a 108 acre parcel located in a master planned industrial park adjacent to Interstate 80 approximately 7 miles east of the Reno-Sparks metropolitan area in Nevada
Assignment:
Arrange maximum construction financing for building and site improvements
Challenges:
Speculative development
No forward take-out commitment
Out of state sponsorship
Results:
$22,500,000 (84% LTC)
No pre-leasing requirement
Term: 2 years plus two 6-month extensions
Amortization: interest only
Prepayment: partial releases provisions for excess land when subdivided
Liability: Recourse to the borrowing entity with guarantees from its principals
