BEB Lending, the finance platform of BEB Capital, has provided a $6.965 million bridge loan to 1029 SFG Equities LLC for the acquisition financing of a 365,000-square-foot industrial property at 12640 Burt Road in the Detroit market.
The financing transaction represents BEB’s first in Michigan. The term of the financing is 24 months.
Built in 1931, 12640 Burt Road is a Class-B multi-tenant industrial asset situated in Brightmoor, Michigan. The property was renovated in 2012 and is within 20 miles of both the Detroit City Airport and the Detroit Metropolitan Airport. The space is 89% occupied with potential for market to market and outdoor storage expansion.
This transaction represents the latest new market entry for BEB Lending, following entries into the Ohio, Massachusetts and Tampa markets earlier this year.
