ARRIBA CAPITAL CLOSES $1,650,000 LOAN: DES MOINES, IA

Arriba Capital (Arriba) successfully closed a $1,650,000 acquisition loan for an owner-operated ice arena located in Des Moines, Iowa. The sponsorship entered in to a lease-option to purchase the property a number of years back, but was unable to find traditional capital sources to close the transaction. Arriba structured a creative financing solution that included a combination of a 1st mortgage and a seller-subordinated 2nd mortgage. The 25-year 1st mortgage was leveraged to 82.5% of cost & priced at Prime + 2.50%.