Envoy Finances Construction of American Mattress Retail Store Near Indianapolis, the Fifth Loan for Repeat Customer; Launches Video Series Featuring Net Lease Developers
Chicago, IL (PRWEB) May 12, 2016 -- For independent commercial real estate developers like Tom English looking to finance smaller projects -- the kind that require construction loans under $10 million -- they often find themselves between a rock and a hard place.
“The larger banks don’t want to make small-balance construction loans," says English, owner of Thomas English Retail Real Estate in Indianapolis. "And the smaller banks that do make small loans typically don’t finance projects outside of their geographic footprint," he says.
This financing Catch-22 is why English sought out Envoy Net Lease Partners, a nationwide provider of short-term net lease financing for commercial real estate properties.
Envoy today announced the closing of its fifth deal to date with Thomas English Retail Real Estate, a commercial construction loan for a single-tenant, net lease American Mattress retail outlet in Greenwood, Ind. The transaction allowed the developer to achieve 95 percent loan-to-cost construction financing for a freestanding store located at the Southeast corner of West Main Street and State Route 135, kitty-corner to a Meijer Supercenter.
“Experienced real estate developers see Envoy as a part of their capital stack — and a partner in their success,” says Ralph Cram, president of Envoy Net Lease Partners. “We not only do a lot of transactions, but we do many of them with repeat borrowers like Tom English. We take the continual hunt for capital out of the equation so developers can do more deals, and do them more quickly.”
Envoy fills a void in the market for small-balance construction loans, says English. “Working with Envoy has allowed us to really focus on our development projects and on being a partner to our tenants. Envoy steps in with the capital as soon as we’re ready to transact. It’s a seamless process for us."
English describes the financing challenges many smaller-project developers face in the first video of a new video series sponsored by Envoy showcasing the growth stories of developers. The video, posted at http://envoynnn.com, will officially launch at the ICSC RECON retail real estate conference at the Las Vegas Convention Center, May 22-25, at Booth SF2.
For more details on Envoy’s construction loan program, which provides up to 95 percent financing in one loan, with no back-end participation, visit http://envoynnn.com/construction-loans.
Based in metro Chicago, Envoy Net Lease Partners, LLC is a nationwide provider of short-term net lease financing for single-tenant retail, industrial and medical properties. The company provides capital through four financing programs — ground lease loans, construction loans, bridge loans, and joint-venture equity — for transactions often seen as too small or too complex to attract the interest of most institutional investors and lenders. For more information, visit http://envoynnn.com.
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Beth Hoover, ideafarm, http://www.ideafarm.me, +1 7735592559, [email protected]
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