In two separate financings, both funded within three weeks of application, Eagle Group Finance has provided $5.1 million in short-term loans secured by a creative office building in Phoenix, AZ and an industrial building near Reno, NV.
Eagle Group Finance provided a Los Angeles-based investor with a $1.6 million bridge loan, which was secured by a 19,000-square-foot single-story creative office building in downtown Phoenix, AZ. The sponsor acquired the former Graham Paper Company Warehouse at 521 S. 3rd Street in 2011 and after an extensive rehab returned it to the market. Architectural firm Gould Evans signed a lease for 50 percent of the building, which commenced early last year. The building is the first phase of a planned $55 million mixed use development that will include 300 multi-family units, and retail space. The loan proceeds will be used to complete the interior of the office building and finance future development costs associated with the new development.
“This was an opportunity to be involved in a transformative development project that is helping to redefine Phoenix’s historic warehouse district,” added Good. “The area is benefiting from an influx of shops and restaurants moving into the area.”
A North Carolina-based electronics recycling company received a $3.5 million bridge loan from Eagle to finance its recent all-cash acquisition of an 183,435-square-foot industrial warehouse and distribution facility east of Reno. Built in 2002, the building is located near US Interstate 80, one of the country’s major trucking routes running from San Francisco to New Jersey.
“This is a well located Class A industrial building in what is fast becoming a major industrial and distribution hub that has already attracted the likes of Wal-Mart, Amazon and Federal Express,” said Eagle President Brian Good. “The market will continue to see significant growth following the announcement from Tesla that it will locate its new $5 billion lithium battery factory a few miles away.”