Inland Mortgage Capital closed a $3,350,000 non-recourse loan on industrial properties located in two suburbs of Detroit, Michigan. The five properties involved in the transaction are located in well-performing industrial submarkets, near arterial interstates.
The loan was used to refinance one of the properties and to facilitate the acquisition of the other four. Loan-to- appraised value was above the typical underwritten standards, but IMC was able to creatively structure the deal to allow the Borrower to close on its acquisition.
The properties, all owned by the same owner, have long-term leases in place with automobile related tenants. The tenants have occupied each of the facilities for a significant duration.