IMC saw a great value-add financing opportunity for a shopping center in Roseville, MI. The Borrower was acquiring a retail complex anchored by a national retailer (linked to credit rating downgrades in recent headlines), along with a trade school tenant. IMC provided a non-recourse, 67% Loan-To-Cost first mortgage bridge loan through the REVCAP Program.
Despite the credit risk of the large retail tenant, IMC got comfortable with the experienced Sponsor who had a strong retail development history in this suburban Detroit area.
Apart from being non-recourse, IMC was able to provide a structured, flexible loan allowing for subdivision, partial release, and flexible prepay.
