ARRIBA CAPITAL CLOSES $1,300,000 LOAN: MESA, AZ

Arriba Capital (Arriba) successfully closed a $1,300,000 acquisition loan for an owner-operated paintball field located in Mesa, AZ.

Arriba Capital worked closely with the sponsor to place this projection based deal. The borrower had come to us with a lease for his existing business running out and a short time span to complete this acquisition. Due to the circumstances, a certainty of execution was critical. In addition to the aquistion financing, Arriba arranged a $150,000 line of credit for working capital to ease cash flow during the transition.

The borrower is a long-time Phoenix-based operator of paintball facilities

ARRIBA CAPITAL CLOSES $500,000 LOAN: INDIANAPOLIS, IN

Arriba Capital (Arriba) successfully closed a $500,000 loan for AN established restaurant concept located in Indianapolis, IN. The new financing structure refinanced the existing private money debt and provided the sponsorship necessary working capital dollar to purchase inventory and pay off receivables. The loan, mostly unsecured, was priced at Prime + 2.00% with a 10-year term and a 10-year amortization.

ARRIBA CAPITAL CLOSES $17,700,000 LOAN: SOUTHFIELD, MI

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.

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%.

ARRIBA CAPITAL CLOSES $15,000,000 LOAN: NEW YORK

Arriba Capital (Arriba) successfully closed a $15,000,000 bridge loan for a 430-acre campus located in New York. With the purchase contract expiring in just a few days, the transaction required a small window of execution. Arriba was able to deliver a 6-month interest only loan, levered to 60% of cost, priced at 11%, and closed in just 6 business days.  

ARRIBA CAPITAL CLOSES $925,000 LOAN: OCEANSIDE, CA

Arriba Capital (Arriba) successfully closed a $925,000 cash-out refinance, on a 10,000 square-foot lot, located in Oceanside, CA. The new debt paid off the existing maturing loan and funded the necessary permitting fees required by the city. This bridge loan allowed the sponsorship to complete the necessary approvals for a 16,000 square foot mixed-use development, which will be completed in the next 18-months. The 1-year land loan was sized up to 55% LTV, priced at 12.5%, and closed 5 business days.

ARRIBA CAPITAL CLOSES $2,800,000 LOAN: WINTER GARDEN, FL

Arriba Capital (Arriba) successfully closed a $2,800,000 loan for a family owned and operated nursery located in Winter Garden, FL. The nursery, family run since 1962, was looking to expand their current operations. Due to the strict loan covenants, the nursery would not have been able to expand the facility without first refinancing their existing bank debt. Arriba capital was able to secure a private lender that understood business strategy and was able to provide a competitive financing solution.

ARRIBA CAPITAL CLOSES $2,750,000 LOAN: YERMO, CA

Arriba Capital (Arriba) successfully closed a $2,750,000 construction loan for an overnight truck stop in Yermo, CA. The truck stop, which resides on roughly nine acres, is positioned along Interstate 15, which is a major trucking route between Southern California and Las Vegas, Nevada. Once completed, the site will include 260 overnight parking spaces, a truck detailing shop, and a convenience store. Arriba had originally secured a construction to permanent loan for the project, however, the funding was contingent upon receipt of final permits. Due to the delay in the permitting process, and the borrower’s necessity to get started developing the site, the project required interim financing. Arriba was able to showcase its flexibility by bringing in a private investor willing to refinance the maturing land loan and fund the necessary site development. The loan will be funded in two tranches; the first draw will cover all the site development costs and the second will cover the vertical construction, once the final permits are in place. Construction debt was priced interest only at 8.5% and included an 8-month interest reserve. The permitting and construction process is expected to take eight months to complete. At which point, Arriba has already secured a takeout loan priced at Prime + 2.75% with a 25-year term and a 25 year amortization.

ARRIBA CAPITAL CLOSES $7,700,000 LOAN: MCDONOUGH, GA

Arriba Capital (Arriba) successfully closed a $7,700,000 loan for the Hampton Inn McDonough. The property is 80-rooms and was built in 2014 and benefits from good visibility along Interstate 75, where over 60,000 vehicles pass by the property on a daily basis. 

The borrower is an experienced, privately held, Atlanta-based hospitality development and management company.  The borrower has developed more than 20 hotels throughout the continental U.S.

ARRIBA CAPITAL CLOSES $1,035,000 LOAN: NOBLESVILLE, IN

Arriba Capital (Arriba) successfully closed a $1,035,000 SBA 7a loan for the refinance and leasehold improvements of an owner-occupied restaurant; located in Noblesville, IN. This new debt facility replaces the existing private money notes while providing the necessary capital to complete the build-out of the outdoor patio. The mostly unsecured loan was priced at Prime plus 200 (5.5%) with a ten-year term and ten-year amortization.

The borrower is an experienced, privately held, restaurant group that currently owns and operates restaurants in Texas, Wisconsin, & Indiana.

ARRIBA CAPITAL CLOSES $1,340,000 LOAN: SALT LAKE CITY, UT

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.

ARRIBA CAPITAL CLOSES $4,848,000 LOAN: WAUWATOSA, WI

Arriba Capital (Arriba) successfully closed a $4,848,000 cash-out refinance for an 8,500 SF restaurant property located in Wauwatosa, WI. The new debt facility retired the previous, quarterly adjustable SBA loan while providing the sponsorship necessary proceeds for acquiring the land under an option agreement. This strategic acquisition reduced the overall operating expenses by replacing the cost of the existing land-lease with a lower monthly mortgage payment. Mo’s Irish Pub, a locally owned and operated restaurant concept, occupies this single tenant property.

The debt was structured to eighty-percent (80%) loan to value with a 3-year fixed rate at 4.25% and amortized over 15 years.

The borrower is an experienced, privately held, restaurant group that currently owns and operates restaurants in Texas, Wisconsin, & Indiana.

ARRIBA CAPITAL CLOSES $7,000,000 LOAN: RINGGOLD, GA

Arriba Capital (Arriba) successfully closed a $7,000,000 loan for the Hampton Inn Ringgold. The property is 78-rooms and was built in 2008 and benefits from good visibility along Interstate 75, where over 50,000 vehicles pass by the property on a daily basis. Nearby demand generators such as Fort Olgelthorpe and carpet mills has made the Hampton Inn an attractive asset from the time it was built. This is the 6th transaction Arriba has done with the borrower.

The borrower is an experienced, privately held, Atlanta-based hospitality development and management company.  The borrower has developed more than 20 hotels throughout the continental U.S.

ARRIBA CAPITAL CLOSES A $5,000,000 LOAN: CYPRESS, TX

Arriba Capital (Arriba) successfully closed a $5,000,000 construction loan for a 17,000 SF retail center located in Cypress, TX. The project was fifty-five percent (55%) preleased at the time of closing in which Mo’s Irish Pub, a locally owned and operated restaurant, will anchor the retail center.

The debt was structured at eighty-percent (80%) of cost and priced at Prime plus 1.70% (4.95%). After the initial twelve months of interest only payments, the loan will convert to a twelve (12) year term with a twenty-five (25) year amortization.

The borrower is an experienced, privately held, restaurant group that currently owns and operates restaurants in Texas, Wisconsin, & Indiana.

ARRIBA CAPITAL CLOSES $1,168,000 LOAN: MIDVALE, UT

Arriba Capital (Arriba) successfully closed a $1,168,000 loan for one of the nation’s largest indoor paintball facility, located in Midvale, UT. The new loan, secured by a 24,000 SF commercial property, was used to refinance the existing private debt; buyout a previous business partner; and pay off existing equipment leases.

Challenge: Due to the various financing activities and their historically high cost of capital, the sponsorship had little to no liquidity to continue funding operations.

Solution: Arriba Capital was able to structure a long-term financing solution that substituted the existing short-term expensive debt for a lower cost of capital that amortized over 25 year. By restructuring the capital stack, Arriba was able to reduce the owner’s monthly payment obligation by 80%; thus freeing up necessary cash-flow to fund operations. The loan was secured at Prime + 1.75%, with a 25 year term, and leveraged to 90% of the real estate value. 

ARRIBA CAPITAL CLOSES $2,374,000 LOAN: BUFFALO, WY

Arriba Capital (Arriba) successfully closed a $2,374,000 loan for a family owned and operated Guest Ranch located in Buffalo, WY. The guest ranch concept allows travelers to participate in traditional ranch activities including horseback riding; fishing; hiking; and hunting while enjoying some of the comforts of home. The property comprises of over 2,100 acres of fee simple land and just over 5,700 acres of leased land from the state of Wyoming.

Challenge: The existing mortgage note was in a maturity default situation and the previous bank was unwilling to renew the loan. Although the “Guest Ranch” model had been operating successfully, it continued to be a fairly new concept for the owners and hadn’t realized its full operating potential. This concept required the owners to make significant renovations to the property including upgrades to the kitchen and housing amenities. Due to the uniqueness of the business and the historically tight cash flow, conventional lenders were not an option.

Solution: Arriba Capital worked closely with the client and the lender to help better understand the historical operating cash flow and the feasibility of the opportunity on a projected basis. Beyond the projected cash flow Arriba was in a position to justify the strong collateral position, which represented a 2:1 collateral coverage. Arriba was able to successfully secure a twenty-five year fully amortizing loan at Prime + 2.50%.

ARRIBA CAPITAL CLOSES $750,000 LOAN: CICERO, NY

Arriba Capital (Arriba) successfully closed a $750,000 loan for the expansion of an existing Marina and restaurant facility in Cicero, NY. The new financing facility enabled the sponsorship to more effectively utilize their lake front property. The loan proceeds were used to complete essential site improvements—including the acquisition of a mobile kitchen and upgrades to the existing pontoon boats and jet skis—while providing enough working capital to finance the business operations during the six to twelve month ramp up period. 

Challenge: The existing marina had limited cash flow, which initially made a new debt structure difficult to support. The restaurant was a new concept, so there were no historical operating numbers to reference.

Solution: Arriba worked hand in hand with the borrower to compile a comprehensive business plan, which included: financial projections, detailed budget, market analysis, and a step-by-step timeline and process for the business to become successful. By demonstrating the market potential, along with a strong collateral position, Arriba was able to identify a small community bank that believed in the business and was willing to finance the opportunity under the SBA 7a Loan Program.

ARRIBA CAPITAL CLOSES TWO LOANS TOTALING $4,400,000: BILOXI MS & FOREST CITY, AR

Arriba Capital successfully closed a $4,400,000 loan secured by the Comfort Inn in Biloxi, MS and the Days Inn in Forest City, AR. The loan allowed for the borrower to exercise a lease-to-own option on the Quality Inn and do the necessary improvements required by Choice Hotels. The Days Inn was constructed in 1967 and suffered from ongoing repairs and maintenance problems. Arriba's loan also allowed for substantial renovation to the property to increase RevPar and ADR.

ARRIBA CAPITAL CLOSES $24,000,000 HOTEL PORTFOLIO LOAN

Arriba Capital closed a portfolio of 5 hotels (3 Holiday Inn Express and Suites, 1 La Quinta and 1 Comfort Suites) in the Northwestern Atlanta suburbs totaling $24,000,000.  The 10yr, non-recourse financing provided by Arriba was sized up to a 10% debt yield.  The new loan allowed the borrower to pull cash-out on all properties up to 70% LTV.  Cash-out proceeds will be used by the borrower to acquire more hotels to expand its real estate holdings and management business throughout the U.S.  Arriba closed the loans in 5 weeks from application to meet a time of essence closing for the borrower before the rise in interest rates.

The borrower is an experienced, privately held, Atlanta-based hospitality development and management company.  The borrower has developed more than 20 hotels throughout the continental U.S.