Newport provided a $5.7 million bridge loan to refinance a major retailer anchored strip mall in the northern suburbs of Chicago. The borrower, an existing client, needed to pay off existing debt on the building that was approaching maturity. The in-place cash flow at the property was attractive as it reduced the risk profile of the loan significantly. The borrower utilized the bridge loan term to increase NOI before listing the property for sale. The borrower successfully sold the property within the 12-month loan term and paid off Newport's loan.
Newport Capital provides efficient capital to owners and developers of residential and commercial real estate assets. Contact us to discuss your financing needs and learn how we help our clients.