Inland Mortgage Capital closed a $4,400,000 non-recourse bridge loan on a retail center in Virginia.
The 14,576 SF, Class B property located in Fairfax, Virginia, was a smallish non-core asset for the institutional seller, but right sized for the sponsors, one of whom grew up near the asset. The center is located in a nontraditional retail corridor and is 82% leased to nine tenants, of which two are national. Significant barriers to entry are perceived in this high income demographic sub market and most of the tenants had occupied their spaces for over 20 years. The loan-to-cost was 75%.
The $4,400,000 loan was used to fund the center’s acquisition and future funding is available for leasing, and capital improvements.