Dave Dismondy with Detroit’s District Capital closed an acquisition loan on a 225,000-square-foot industrial warehouse in the Midwest.
The asset is leased to a non-credit rated single tenant. The correspondent life insurance company loan has a floating rate, prepayment flexibility, has no property performance covenants, and is assumable.
The rate was locked at application for 90 days at no additional cost to the Borrower. Life insurance company loans protect Borrowers during volatile interest rate environments, which is especially critical with acquisitions.
