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Newport Capital Provides Bridge Loans on CA, IL Assets
Newport Capital has provided more than $12 million in bridge loans for three projects in California and one in the Chicago suburbs. The transactions involve a range of commercial real estate asset types.
The recent series of transactions in California was headed by a $2.7-million bridge loan to finance the acquisition of an eight-unit multifamily property in San Bernardino (pictured). Newport’s bridge loan allowed the borrower to complete improvements and increase rents.
The three other transactions included the following:
- A $2.6-million bridge loan to refinance existing debt on a 22,000-square-foot industrial facility in Oakland.
- In Long Beach, Newport provided a $1.1-million bridge loan to refinance existing debt on a 4,000-square-foot mixed use property.
- Newport provided a $5.7-million bridge loan to refinance a major retailer-anchored strip mall in the northern suburbs of Chicago. The client had worked with Newport in the past and sought to pay off existing debt.
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- ◦Financing
