66% LTC Bridge Loan

153,000 SF Industrial Condo Conversion
San Marcos, CA

Buchanan Mortgage Holdings, LLC provided a $15.2 million, non-recourse bridge loan for the acquisition and repositioning of a two-building, 153,000 SF light industrial property located in San Marcos, California. The sponsor’s business plan includes completing exterior capital improvements, recording a commercial condo map, and selling individual units. Due to the sponsor’s extensive experience executing similar business plans throughout California, Buchanan Mortgage Holdings, LLC was able to provide a flexible loan structure with holdbacks to fund capital improvements, condo map pursuit costs and carry costs, in addition to allowing for partial releases of collateral as individual units are sold.