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BEB Lending Enters Michigan Market with Bridge Loan
BEB Lending, the finance platform of BEB Capital, provided a $6.965-million bridge loan to 1029 SFG Equities LLC for the acquisition financing of a 365,000-square-foot industrial property at 12640 Burt Rd in Detroit. The financing transaction represents BEB’s first in Michigan. The term of the financing is 24 months.
“The Midwest is a strong industrial real estate market that BEB has been considering for a long time,” said Sean Silverbrook, VP of BEB Lending. “Detroit in particular is a historically strong industrial market with a litany of Class B and C manufacturing buildings ripe for conversion into modern day industrial warehousing.”
Built in 1931, 12640 Burt Rd is a Class B multi-tenant industrial asset. The property was renovated in 2012 and is within 20 miles of both the Detroit City Airport and the Detroit Metropolitan Airport. The space is 89% occupied.
- ◦Financing
