{"id":1004191608,"date":"2017-09-26T07:42:12","date_gmt":"2017-09-26T15:42:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004191608"},"modified":"2022-12-08T18:47:15","modified_gmt":"2022-12-09T02:47:15","slug":"mass-equities-receives-30m-loan-for-industrial-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mass-equities-receives-30m-loan-for-industrial-buy\/","title":{"rendered":"Mass Equities Receives $30M Loan for Industrial Buy"},"content":{"rendered":"

By Evelyn Jozsa<\/p>\n

\"Denver\u2019s<\/a>

Denver\u2019s River North Arts District Map<\/p><\/div>\n

The joint venture led by Mass Equities, based in Santa Monica, Calif., received 30$ million in short-term bridge financing for the acquisition of a 157,210-square-foot industrial property in Denver. The buyer is planning a $200 million mixed-use development on the 7.8-acre site, located at Denver\u2019s River North Arts District.<\/p>\n

Thorofare Capital provided the financing and it consists of two, one-year, interest only cross-collateralized loans underwritten to 59 percent loan-to-value. The financing is secured by adjacent 63,474 and 93,736-square-foot warehouse buildings\u00a0situated at 2900-3060 Brighton Blvd.<\/p>\n

Plans for a $200M redevelopment<\/h2>\n

Mass Equities had been under contract since October 2016 to acquire the property from a group of local investors, but a New York-based private lender failed to finance the purchase. Thorofare managed to\u00a0provide the loan in four days after receiving the application.<\/p>\n

\u201cPlain and simple, this loan would never have closed with any other lender in the country other than Thorofare,\u201d<\/em> said Andrew Sobel, founder of Mass Equities, in prepared remarks.<\/p>\n

Mass Equities plans to redevelop the site into a mixed-use\u00a0property<\/a>\u00a0at an estimated cost of $200 million. The first phase of the project aims at\u00a0turning the 63,474-square-foot warehouse building at 2900 Brighton Blvd. into a creative office space. Further additions\u00a0include 480 apartment units and 85,000 square feet of retail space.<\/p>\n

Image courtesy of Thorofare Capital<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Mass Equities, leader of a Santa Monica-based joint venture, received a $30 million loan to purchase a 157,210-square-foot industrial property in Denver. The joint venture plans to turn the space into a mixed-use property. <\/p>\n","protected":false},"author":871,"featured_media":1004191609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21782,21748,21752,21742],"tags":[37667,35199],"class_list":["post-1004191608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-development","category-industrial","category-mixed-use","category-latest","tag-mass-equities","tag-thorofare-capital"],"acf":[],"yoast_head":"\nMass Equities Receives $30M Loan for Industrial Buy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mass-equities-receives-30m-loan-for-industrial-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mass Equities Receives $30M Loan for Industrial Buy\" \/>\n<meta property=\"og:description\" content=\"Mass Equities, leader of a Santa Monica-based joint venture, received a $30 million loan to purchase a 157,210-square-foot industrial property in Denver. 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