Pangea Mortgage Capital recently provided funding for the acquisition of a three-asset hotel portfolio in Oregon, closing in just 15 days. The quick close allowed the borrower to begin to execute on his plan to convert the hotel portfolio to multifamily housing.
Chicago, IL, July 21, 2021 –(PR.com)– Pangea Mortgage Capital (“PMC”), a nationwide commercial lender headquartered in Chicago, Illinois, closed an $8.5 million loan for the acquisition and repositioning of a retail community center located in suburban Cleveland.
In the second quarter of 2021, PMC worked with an experienced, national retail owner-operator to provide acquisition financing for the 182,000 sq. ft. subject property. With PMC’s loan, the Borrower will be able to execute on their business plan to re-stabilize the center with new tenants that complement the existing lessees, thus unlocking the full value potential of the site. PMC’s team worked hand in hand with the Borrower’s leasing, property management, and asset management representatives to structure a loan that both provided cash for the initial acquisition, as well as additional proceeds for capital projects and future lease-up needs.
The floating-rate and interest-only loan has an initial term of 24 months with two six-month options to extend.