Crescit Capital Strategies Originates Bridge Loan for 535,000-SF Industrial Property Outside Rockford, Illinois
New York, NY – October 8, 2020 –Crescit Capital Strategies, announced today that the commercial real estate finance platform has successfully closed a $7,765,000 bridge loan for a 535,000-square-foot industrial property in Loves Park, Illinois. Crescit originated the 3-year fixed rate bridge loan which will fund the completion of approved tenant improvement plans for several major tenants.
“The COVID-19 pandemic has accelerated the demand for industrial properties in proximity to major metros,” said Joseph Iacono, Crescit Capital Strategies. “The sponsor has a strong record of performance adding value to similar properties and presented a compelling business plan, which along with credit-worthy tenants made the transaction an attractive opportunity for Crescit. Crescit remains active and committed to serving its borrowers with their financing needs through these challenging times.”
Just outside Rockford, the Loves Park property is within 100 miles of Chicago, Milwaukee, and Madison. The property includes tenants within the aerospace and general manufacturing sectors.
Crescit was founded in 2018 as a commercial real estate finance platform providing highly structured and flexible debt products across the capital stack. Crescit’s bridge lending program, which has already served clients in a dozen states and growing, provides loans of typically $15 million to $75 million. Following the onset of the COVID-19 pandemic, Crescit added tactical rescue for distressed commercial real estate assets to its existing business. Guided by a leadership team with more than 90 years combined experience navigating commercial real estate investments, as principals, through volatile economic conditions, the firm has completed transactions for multiple asset classes across the country in the last year, including transactions in Sacramento, Texas, Los Angeles, and New York.
About Crescit Capital Strategies
Crescit Capital Strategies is a commercial real estate finance platform that offers the entire spectrum of commercial real estate debt solutions, including financing, workout advisory and distressed investing services.
Led by industry veterans and innovators, Crescit Capital Strategies provides both its investors and borrowers the advantage of a “one-stop” solution, giving its clients the benefit of engaging with one source for all of their CRE debt needs. The platform’s business model fosters long-term relationships thereby facilitating a more strategic partnership between lender and borrower over the life of a loan.