$12,025,000 – Non-Recourse Construction Loan, Self Storage and out-parcels, Cinnaminson, NJ
Non-Recourse Construction Loan
Allows for partial releases of pad sites which are being built as an IHOP and a Children of America daycare.
Interest Only Full term
No prepayment penalty
DETAILS:
Client purchased this vacant grocery store in suburban Philadelphia and was able to get approval to scale the use down to self storage, which has a lower parking requirement than retail. This allowed for the plotting of 3 pad sites, two of which will be improved with an IHOP and a Children of America Daycare, the third was still available as of the time of closing. Sponsor has the ability to sell off those parcels within the parameters of the loan.
Sponsorship required a non-recourse construction loan, which Banyan was able to accommodate with a close relationship lender. Loan was originated and closed during Covid despite delays from the local building department. Sponsor has flexibility in management of the facility and have circled two potential managers, both national chains.
Zach Nimhauser – zn@banyancc.com
Michael Brown – mb@banyancc.com
