Red Oak Capital Holdings has provided a $10.2 million acquisition loan for an 80,107-square-foot industrial facility located at 4401 Fortune Place in Melbourne.
The borrower, Reich Brothers I LLC, used the bridge loan to acquire the Space Coast property and prepare it for occupancy by its sole tenant, Blue Origin, an aerospace, defense and space exploration company backed by Amazon founder Jeff Bezos.
The property traded for $12.5 million. The interest-only loan was underwritten at an interest rate of 8.5 percent and features a 24-month term with two six-month renewal options. The borrower plans to exit the loan via permanent financing upon completion of re-tenanting the building to Blue Origin, according to Red Oak.
Source: RE Business
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