Rhino Holdings Manitowoc, LLC #5148 | WISCONSIN ($100K Available)

Home/Available Investments/Rhino Holdings Manitowoc, LLC #5148 | WISCONSIN ($100K Available)

Rhino Holdings Manitowoc, LLC #5148 | WISCONSIN ($100K Available)

First Trust Deed collateralized by an approximately 87,000 square foot former Shopko store in Manitowoc, WI (about 80 miles north of Milwaukee, WI). Although the property is currently vacant, the borrower has a lease ready to be signed with a national retailer to occupy about 20% of the property. Once the new tenant is signed up (shortly after acquiring the property), the borrower will begin the renovation work on the property the tenant has requested. With the remaining unoccupied space, the borrower will hire a local leasing agent to get the space filled. Additionally, the borrower will get the remaining space into a position where only minimal tenant improvements will need to be completed prior to occupancy.

Loan Amount: $3,200,000

Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period.

Term: Nine months with two optional nine-month extension periods at maturity

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