BEB Lending, the finance platform of BEB Capital, has provided a $2.85 million bridge loan to a private borrower for the acquisition financing of an industrial property at 29100 Lakeland Blvd. in Wickliffe, Ohio.
The transaction represents BEB’s first in Ohio. The term of the financing is 18 months.
BEB Capital created BEB Lending to provide quick and creative financing solutions for commercial real estate assets in primary and secondary markets across the United States, with typical loan sizes ranging from $2 to $25 million. In February, the firm announced that BEB Lending had achieved a key milestone surpassing $100 million in capital deployed in less than two years of operation. The firm is targeting an additional $150 million by year-end 2022.
BEB was represented in-house by Lee Brodsky, Keyvan Ghaytanchi and Sean Silverbrook. Jeff Feldman and Aaron Rosenbaum of AANDAR represented a private borrower in the transaction.
29100 Lakeland Blvd. is a two-story building, which totals 127,680 square feet. It was built in 1960 and features eight drive-in loading docks with 24-foot clear height. The building is less than five miles from the Euclid Transload Terminal and is within 15 miles of Cleveland, Ohio.
