Rhino Holdings Olympia, LLC #4580 | WASHINGTON – FUNDED

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Rhino Holdings Olympia, LLC #4580 | WASHINGTON – FUNDED

First Trust Deed collateralized by an approximately 68,000 square foot retail building in Olympia, WA (about 67 miles southwest of Seattle, WA). Current tenants in this strip center include national brands such as Sally Beauty Supply, Jenny Craig, and Ross as well as local companies such as Modern Nails and Liz Hair Design. The property is currently operating at a 53% vacancy however retail vacancy for this market is about 10%. Given this property has more vacancy than the surrounding properties, it is the borrower’s intent to lease up the remaining space before he puts the property on the market for sale. In addition to this asset, the borrower is acquiring two adjacent retail centers that total 167,000 square feet of space over nearly 15 acres of land. After acquisition of the entire project, the borrower will begin to sell each of the buildings individually, unlocking additional value by selling smaller parcels.

Loan Amount: $3,127,000

Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (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 an optional nine-month extension period at maturity.

By |December 6th, 2018|Funded Investments|0 Comments