Arriba Capital (Arriba) successfully closed a $1,340,000 loan for the acquisition and expansion of an office/warehouse property located in Salt Lake City, UT. The existing 12,000 SF facility will be expanded by an additional 10,000 SF to accommodate the intended use as an indoor/outdoor paintball field. The client intends on moving his existing operation to this new facility. The new debt payment will improve cash-flow by replacing the existing month-to-month lease payment with the new mortgage.
This is the second loan that Arriba Capital has secured for this customer, which was leveraged to 94% of total project cost, priced at Prime + 2.75%, and fully amortized over 25 years.