Inland Mortgage Capital, LLC Closes Non-Recourse Loans in Illinois, Connecticut and Michigan
Nicole Spreck
Inland CommunicationsAugust 31, 2015
Oak Brook, Ill. – Inland Mortgage Capital, LLC (“Inland Mortgage Capital” or “IMC”) today announced the closing of three non-recourse bridge loans for a total of $16.3 million. The loans financed a multifamily property in Illinois, a retail center in Michigan and a warehouse in Connecticut with non-recourse capital.
“Inland Mortgage Capital is pleased to have added to our portfolio,” said Art Rendak, president of Inland Mortgage Capital. “We have a healthy pipeline and are in full-growth mode. We continue to offer attractive financing nationwide for non-recourse bridge loans for value-added commercial real estate, providing borrowers up to three-year option terms, with extensions, while the properties reach stabilization.”
The non-recourse loans included $6.3 million to a borrower for a vacant, multifamily development with 84 units located in south suburban Chicago. The loan was structured at 80 percent of the cost, providing funding for renovations and carry costs. Additionally, IMC provided a smaller non-recourse loan of $3.4 million to a borrower acquiring a 118,000-square-foot retail center in the suburbs of Detroit, anchored by a national soft goods retailer and a trade school. The non-recourse loan provided the borrower with 67 percent loan-to-cost financing, allowing the client to acquire the well-located retail property.
The industrial bridge loan was also non-recourse and funded $6.6 million for a 200,000-square-foot warehouse, which was 50 percent occupied by one short-term tenant, located in south central Connecticut. The institutional borrower purchased the warehouse with cash and worked with IMC to secure a bridge loan shortly after acquiring the property. The bridge loan provides funding for capital improvements, acquisition and leasing costs. The non-recourse capital provided 70 percent of the project’s budget.
About Inland Mortgage Capital, LLC
Inland Mortgage Capital, LLC is an experienced private lender specializing in intermediate-term mortgages for value-added commercial real estate in need of bridge financing. We provide non-recourse loans targeted for projects with opportunistic characteristics. For more information, please visit the IMC website: www.inlandmtg.com.
“Inland Mortgage Capital is pleased to have added to our portfolio,” said Art Rendak, president of Inland Mortgage Capital. “We have a healthy pipeline and are in full-growth mode. We continue to offer attractive financing nationwide for non-recourse bridge loans for value-added commercial real estate, providing borrowers up to three-year option terms, with extensions, while the properties reach stabilization.”
The non-recourse loans included $6.3 million to a borrower for a vacant, multifamily development with 84 units located in south suburban Chicago. The loan was structured at 80 percent of the cost, providing funding for renovations and carry costs. Additionally, IMC provided a smaller non-recourse loan of $3.4 million to a borrower acquiring a 118,000-square-foot retail center in the suburbs of Detroit, anchored by a national soft goods retailer and a trade school. The non-recourse loan provided the borrower with 67 percent loan-to-cost financing, allowing the client to acquire the well-located retail property.
The industrial bridge loan was also non-recourse and funded $6.6 million for a 200,000-square-foot warehouse, which was 50 percent occupied by one short-term tenant, located in south central Connecticut. The institutional borrower purchased the warehouse with cash and worked with IMC to secure a bridge loan shortly after acquiring the property. The bridge loan provides funding for capital improvements, acquisition and leasing costs. The non-recourse capital provided 70 percent of the project’s budget.
About Inland Mortgage Capital, LLC
Inland Mortgage Capital, LLC is an experienced private lender specializing in intermediate-term mortgages for value-added commercial real estate in need of bridge financing. We provide non-recourse loans targeted for projects with opportunistic characteristics. For more information, please visit the IMC website: www.inlandmtg.com.