BLC has just funded a $9,707,000 bridge loan for the purchase of an office building and parking garage in Texas. The property was recently renovated by the seller and close to stabilization. The buyer/borrower needed a bridge loan to further lease up and season the stabilized revenues before seeking long-term permanent financing.
The building is a 15-story Class A office property with 225,611 square feet of net rentable area and an adjacent 5-level parking garage structure. The property is currently 70% occupied with 24 tenants but has increased occupancy in each of the last two years and has historically operated at over 90% occupancy. The seller was focused on completing improvements prior to selling, which slowed occupancy growth. The three largest tenants occupy 41% of the property and have each occupied the building for over ten years at the time of closing.
BLC is a California-based private real estate fund focused on short-term interest-only bridge financing for cash flowing commercial real estate transactions on a nationwide basis. BLC will consider most traditional commercial real estate property types, including office property transactions (on a case-by-case basis).