Finance N Illinois

Wool Finance Partners arranges $6.5M construction loan

Wool Finance Partners arranges $6.5M construction loan,ph1

Martin Siegel of Wool Finance Partners has arranged $6,500,000 in acquisition and construction financing for a proposed 12.5-acre, 277-space, monthly overnight truck parking facility in Melrose Park, Illinois.

The borrower will be acquiring and demolishing an existing 300,000-square-foot industrial facility to create a gate-secured, fence-enclosed and lighted monthly parking facility for 277 tractor-trailers. The loan structure provided for a 24-month term at a floating interest rate and also provides for three, 12-month extensions on a 25-year amortization schedule upon stabilization.