Investment Type: First Mortgage
Loan Amount: $14,900,000
Location: Bristol, Pennsylvania
Property Type: Industrial
Closing Date: December 27, 2018
In December 2018, Shem Creek financed the acquisition of 2201 Green Lane in Bristol, PA with a three-year bridge loan. The loan proceeds helped facilitate the purchase, leasing of the 337,882 square-foot Class B property located in the established submarket of Bucks County, PA.
Rental rates at the property were below market, particularly given the strong demand for industrial space in Bucks County, PA and along the Pennsylvania Turnpike (I-278) and I-95. Through their marketing efforts and operational efficiencies, the sponsor was able to achieve rental rates well above projections, unlocking significant value. In addition, the sponsor was able to utilize the site’s significant yard/parking area as an additional income generator, by leasing exterior trailer or bus parking spaces to third-party tenants.
