Clearwater, FL (PRWEB) September 11, 2012
Commercial Lending Corporation™ (CLC) proudly announces a successful bridge loan closure of $8,125,000 for the Bayview Pavilion office building. The loan, closed in August 2012, facilitated the Bayview Pavilion’s purchase, as well as numerous other improvements, including: replacing a vacating tenant, tenant improvement, and leasing commission costs for a replacement tenant.
Located in Clearwater, Florida, the Pavilion is a three-story office building constructed in 1998. The office is 92,000 square feet, surrounded by palm trees, and has a two-story parking garage.
The bridge loan covered 82% of the Bayview Pavilion’s total costs. The loan was non-recourse and underwritten at 70% of stabilized value by Richard M. Cavallero, Senior VP and Underwriting Manager of CLC, who has thirty three years of commercial real estate underwriting experience. After Cavallero underwrote the Pavilion file, he placed it with one of CLC’s correspondent investors, who happened to be interested in nationally placing $900 million in bridge and mezzanine loans.
Commercial Lending Corporation™ has been a nationwide commercial lender and rated A+ by the BBB since 1997. The company offers a comprehensive range of services and products for the commercial real estate and finance industry. CLC provides expert wholesale and retail underwriting talent and offers access to the largest pool of investors, investment bankers, and equity partners in the country, which results in much higher loan closing ratios. With an average 30 years of commercial underwriting experience, access to and knowledge of every available money source in the nation, CLC’s Business Development Officers/ Underwriters size projects quickly and objectively, creating a program that best works with the borrower’s objectives.
For additional product information please contact:
Richard M. Cavallero, Senior VP and Underwriting Manager
Commercial Lending Corporation™ since 1997
The Meridian Center
9800 Mount Pyramid Court, Suite 400
Englewood, Colorado 80112