Deal: IAAI – South Hill
Location: Puyallup, WA
Collateral: New 85 acre (net) industrial property with 3 small administrative buildings for auto auction business.
Type: 20-year fully amortizing fixed rate permanent loan to match initial lease term.
Purpose: This permanent loan covered the improvement and soft costs on a new industrial property leased for 20-years to a single-user, non-credit tenant for auto storage/auto auction business. Our borrower sought a 20-year fixed-rate fully amortizing loan to match the initial lease term. Lender funded with temporary CofO and held back funds to complete non-life/safety improvements.