Owemanco recently funded a $1,300,000 equity-takeout loan secured by a 16,350 SF, 8-unit flex #industrial building situated in the Northland Business Park in the City of #Waterloo. The sponsor is a seasoned real-estate developer who purchased the 1.25-acre parcel in the mid-90s, injected $500,000 from his own resources to erect the improvements, and rented out units to #commercial tenants who have been occupying the property for over a decade. From the time of its development, the property has remained unencumbered and Owemanco’s loan against the appraised value represents an exposure below 50%. The flex building sits within the main industrial node of Waterloo at a 4-minute drive to the nearest arterial exchange and is within approximately an hour’s distance from #Toronto. Proceeds of Owemanco’s loan will be applied toward the development of subdivisional homes in Perth County west of Waterloo.
Aneela Bhatt of Owemanco originated the transaction and negotiated the Loan on behalf of Owemanco.
#CRE #CommercialRealEstate #CommericalProperty #Refinance #Owemanco