Crespi Pacifica

48,000 SF Industrial Condo Conversion
Pacifica, CA

Buchanan Mortgage Holdings, LLC provided an $8 million, non-recourse bridge loan for the acquisition and repositioning of a two-building, 48,000 light industrial property located in Pacifica, 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.