Inland Mortgage Capital LLC recently announced closings on 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,” Art Rendak, president of Inland Mortgage Capital, said. “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 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.
A $6.6 million industrial bridge non-recourse loan was also funded for a 200,000-square-foot warehouse, which is 50 percent occupied by one short-term tenant, in Connecticut.