Q10|Lutz Financial Services has secured a $7 million bridge loan on a 115,000 square foot office property located in suburban Columbus, OH.
Q10|Lutz worked with Brent Truscott of Bloomfield Capital’s Detroit office to structure the refinancing. The loan was structured as a 1-year bridge financing, with an 8-month lockout and an 11% interest rate. The structure also provided the borrower with a reserve account to fund leasing commissions, tenant improvements, and property taxes.
“This bridge loan allowed our borrower to take advantage of a substantial discounted payoff,” said Adam M. Lutz. “Q10|Lutz has strong relationships with firms such as Bloomfield Capital that can quickly underwrite and execute on this type of fast moving opportunity.”
Matthew Shane added, “This transaction represents the full breadth of Q10|Lutz’s financing abilities. Once the borrower has finalized several lease negotiations and extensions, we will be able to provide a long-term financing solution that will maximize loan proceeds to the borrower at historically low rates.”
