Arriba Capital has closed a $17,700,000 fixed rate bridge loan for the refinance of the Metro Office Complex, a 565,000 SF, 4-building office campus formerly occupied by Blue Cross Blue Shield of Michigan. The financing structure included an initial term of three years with possible extension options. The borrower intends on doing comprehensive capital improvements to lease-up the vacant space and then refinance the property with permanent debt.
The sponsor sought certainty of execution in order to refinance its current loan under an expedited closing timeline with a year-end maturity - The new loan was closed in 15 days from application.
The borrower is a Toronto-based real estate investor with extensive experience in owning and leasing Class-A office properties throughout North America.