Popular on EntSun
- Financial Solutions Inc. Receives the 2020 Best of Sheridan Wyoming Award - 121
- Blissful in the Bottoms Offers a Cheerful Start to the New Year
- Media Personality Cyrus Webb of Mississippi Prepares for History-making Event in Feb. 2021
- TJL Collection announces All Virtual 2021 TJL Fashion Collection Show
- UNCF Atlanta Mayor's Masked Ball airs Today on WXIA TV 11 at 11 am
- Greg Curran and David Hanscom N.A.M.E. adv. board members Start Entertainment Educational podcast!
- RiseUP TV! Why COVID is NOT slowing us down!
- State of Writing 2021 examines how to improve writing ROI
- Enjoy watching the latest series dubbed in Farsi, online and all for FREE!
- Green Health Eugene and COVID Information
Similar on EntSun
- Beyond Social Responsibility: Black-led Venture Funds Generate Outsized Returns, Help Close Racial Wealth Gap
- Qué es el Marketing Science y por qué es indispensable considerarlo en el 2021
- Kaizen Finance Launches Staking to Foster the Widespread Adoption of DeFi
- CEO Coaching International Congratulates Client Orion Energy on Successful Capital Partnerships
- OCC Adopts Final Rule Requiring Large Banks to Provide Fair Access to Banking Services
- The Antenna Company Announces Venture Debt Financing Agreement with Brabant Development Agency (BOM)
- Morningstar names Quantified STF Fund top-performing tactical-allocation fund in 2020
- Phinge To Launch Netverse, a Rewards-Based Alternative to Apple and Google Using Innovative Proprietary Technology and Patented Mobile Devices
- Lee Enterprises Consulting Named Top Bioeconomy Consulting Group
- Investor Dr. Laquore J. Meadows Launches The Bella, The Brand and Her Bag Wealth Summit
Value Add Industrial Investor Closes on Speculative Financing for the Acquisition of 67,000SF Vacant Warehouse in Montgomery County, PA
EntSun News/10851537
Spec Financing Lives On: Diligence Capital Advisors sources 70% LTC loan for acquisition of a 67,000 SF vacant warehouse in Montgomery County, PA
KING OF PRUSSIA, Pa. - EntSun -- Diligence Capital Advisors of Philadelphia sourced and negotiated a $5,900,000 loan from a New Jersey community bank for the acquisition of a 67,000 square foot vacant industrial asset in Montgomery County Pennsylvania. Diligence Capital Advisors described the borrower-sponsor as a boutique real estate investment firm based out of New Jersey which specializes in value add and opportunistic industrial assets in the Philadelphia- New Jersey metro market. This continues the recent string of numerous speculative financing loan closings for Diligence Capital Advisors in the last 180 days.
Based on reports from the lender, the loan closed within 60 days of a signed term sheet, which was confirmed by principals from Diligence Capital Advisors. The parties also jointly confirmed that the loan also was structured with an earn out for the borrower upon hitting stabilization and other agreed upon financial metrics.
More on EntSun News
The warehouse acquired was in poor condition, in need of capex but had great bones, excellent clear height, many loading docks and is well located as a last mile distribution center. The borrower-sponsor also had a strong track record of successful leasing of vacant industrial assets. The borrower intends to hire an industrial broker within 30 days to market the asset for lease.
"The notion that there is no spec acquisition financing for industrial deals is just wrong. If the sponsor has a proven track record of creating value and the deal pencils, the funds are out there. Luckily, our sponsor in this case has done this before multiple times so we were able to procure an investor-friendly loan facility that included an immediate release of acquisition/closing costs and capex funds as well as good news money held back for tenant procurement," said Jared Cobert, managing partner of Diligence Capital Advisors based on Philadelphia.
The closing of the acquisition loan occurred on Friday November 20, 2020.
Based on reports from the lender, the loan closed within 60 days of a signed term sheet, which was confirmed by principals from Diligence Capital Advisors. The parties also jointly confirmed that the loan also was structured with an earn out for the borrower upon hitting stabilization and other agreed upon financial metrics.
More on EntSun News
- Miss Sphere Pagean is rise awareness young women to develop self confidence and positive thinking
- TV/Film Star John Amos Stars in 'Coming 2 America' Set to Premiere in March
- Inane, A Love Deferred for Thirty Years
- Beyond Social Responsibility: Black-led Venture Funds Generate Outsized Returns, Help Close Racial Wealth Gap
- Brazil's ANVISA Grants Novel Food Approval for NEM® brand eggshell membrane
The warehouse acquired was in poor condition, in need of capex but had great bones, excellent clear height, many loading docks and is well located as a last mile distribution center. The borrower-sponsor also had a strong track record of successful leasing of vacant industrial assets. The borrower intends to hire an industrial broker within 30 days to market the asset for lease.
"The notion that there is no spec acquisition financing for industrial deals is just wrong. If the sponsor has a proven track record of creating value and the deal pencils, the funds are out there. Luckily, our sponsor in this case has done this before multiple times so we were able to procure an investor-friendly loan facility that included an immediate release of acquisition/closing costs and capex funds as well as good news money held back for tenant procurement," said Jared Cobert, managing partner of Diligence Capital Advisors based on Philadelphia.
The closing of the acquisition loan occurred on Friday November 20, 2020.
Source: Diligence Capital Advisors
0 Comments
Latest on EntSun News
- Sky Zone Bounces in Laveen, Arizona with Grand Opening Celebration
- Aesthetic Mentor Hosts Free Webinar "Becoming an Aesthetic Nurse in 2021"
- Process Technology announces advanced heating for IPA and flammable solvents with two new heaters
- Syxsense Announces the Release of Syxsense Cortex, A Next-Generation, Visual IT and Security Management Process Automation Solution
- Top 5 Things Companies Can Do Today To Set Themselves Up For Success in 2021
- Gembah Sees Exponential Growth Year-Over-Year as eCommerce Industry Thrives
- Ujamaa Music Group, a Ujamaa Place Program, Debuts Its New Single "On A Mission"
- Animation Stars, Candyman, Third 'Last Fan Standing' Added To Wizard World Virtual Experiences
- MC Companies and Move For Hunger Announce Collaborative Effort to Fight Hunger Nationwide
- The Perfectionist Hairstylist, Feature Film
- Simply The Best Digital To Provide Digital Marketing Services to Urgent Home Care - Palm Beach's Leading Home Health Service
- The Arlington Football Showdown transcends the "HBCU Classic" experience in North Texas!
- 1-800-PACK-RAT Acquires Storage Squad, a Leader in the Student Storage Industry
- White Palms Fire Equipment Doubles Down on Online Presence By Hiring Leading Digital Marketing Company, Simply the Best Digital
- Carol Alt Turns Sixty & Turns Heads on the Cover of AGENDA Magazine!
- Illusion Islands is in post-production of the feature film titled: The Perfectionist Hairstylist
- Wholesale Leather Suppliers Offers Small Businesses Chance to Carry Big Name Brands
- Supremacy Entertainment CEO Dale Dunning bka KingDaleDaDon Releases Hip-Hop Collaboration for 2021
- Six Features a D3P Needs to Make the Cloud 17a-4 Compliant
- Leon Youngblood Consultants streams Inaugural Concert featuring President Joe Biden & VP K. Harris