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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).