Matt Lebenson of Wool Finance Partners has arranged $2 million in financing for a single tenant industrial property located in the Fulton Market district of Chicago.
The loan was secured by a 50,000-square-foot net-leased industrial building situated on a 0.53-acre site. The lender, a regional bank Lebenson has placed multiple loans with, underwrote the loan based upon not only the value of the existing lease in place but also the future value of the land site given the active development taking place in the neighborhood. The financing provided for a non-recourse loan with a term of 3 years.
Martin Siegel with the firm, also arranged $2.2 million in financing for a 78,000-square-foot single tenant net-leased industrial building located in Niles. The financing was placed on behalf of a local borrower who had acquired the property and was redeveloping for a single user. The financing provided for a non-recourse loan with a term of 10 years.
In addition to conventional first mortgage financing, Wool Finance Partners’ principals also structure forward-funding loans, participating mortgages, joint ventures, construction loans, tax-exempt bond financing, stand-by commitments, acquisition and development loans, mezzanine financing, pre-sales and asset sales.