Arriba Capital (Arriba) successfully closed a $5,000,000 construction loan for a 6,000 Square-foot restaurant in Houston, TX. The new credit facility was used to refinance the existing land loan, fund the necessary site development, construction of the shell building, and completion of the tenant-improvements. The 16-month construction loan was sized to 75% of cost and priced at Prime + 1.50%. The restaurant facility will be completed in late May with a June 1st opening date.
The borrower is an experienced, privately held, restaurant group that currently owns and operates restaurants in Texas, Wisconsin, & Indiana.