PRESS ROOMNEWS RELEASE
Inland Mortgage Capital’s Small-Balance Lending Program Reports Record-Breaking Quarter, Closes $31 Million in New Loans
Alyssa Campbell
Inland CommunicationsOak Brook, Ill. – Inland Mortgage Capital, LLC (“IMC”), a private lender specializing in intermediate-term mortgages for value-add commercial real estate, today announced its record-breaking fourth quarter of 2019, closing six non-recourse bridge loans, totaling $31.575 million, under its small-balance lending program.
The loans funded projects for six individual assets in Arizona, California and Michigan, which included financing for one industrial, one office, one retail and three multifamily properties.
The multifamily financings will fund the acquisition and redevelopment of projects in Arizona and California. The first loan was for a 107-unit property in Tucson, Arizona. The additional multifamily loans financed two separate projects in California, including a 34-unit apartment building in Long Beach, with a four-time repeat Borrower, and the acquisition and renovations of a 13-unit multifamily community in Los Angeles.
The industrial financing will fund the acquisition and redevelopment of a 115,545-square-foot facility in Grand Rapids, Michigan, while the office project will include acquisition and redevelopment financing for a 10,450-square-foot property in downtown San Francisco. The retail financing will fund the re-tenanting and refinancing of a 38,705-square-foot vacant big-box store in Northville Township, Michigan.
IMC flexibly structured around the various risks associated with each loan and provided each Borrower with a non-recourse loan that was prepayable at any time, without premiums.
“Inland Mortgage Capital was pleased to end the year on such a strong note, closing a record amount of new loans for one quarter,” said Art Rendak, president of IMC. “It is evident there is a sustainable need for private debt capital for smaller commercial real estate projects. Our specialty in financing value-add opportunities allows Borrowers to benefit from flexible non-recourse debt to maximize the value of their investment with the ability to prepay, without premium, at any time if they wish to refinance or sell their assets.”
Inland Mortgage Capital provides financing for commercial real estate nationwide, concentrating on small-balance projects from $3 to $15 million. IMC’s program benefits its borrowers in that its loans are non-recourse to the sponsors. Also, IMC does not charge interest on future loan advances until they are disbursed.
###
About Inland Mortgage Capital, LLC
Inland Mortgage Capital, LLC is an experienced private lender specializing in intermediate-term mortgages for value-added commercial real estate in need of bridge financing. We provide non-recourse loans targeted for projects with opportunistic characteristics. For more information, please visit www.inlandmtg.com.