NEWPORT BEACH, Calif., Feb. 10, 2023 /PRNewswire/ — Schelin Uldricks & Co. announces that it has arranged an $11,800,000 senior loan to finance the acquisition of a 147,258 square foot industrial building leased to a national credit tenant in Lansing, Michigan. The new financing enables the acquisition of the property on behalf of a national real estate investment manager.
“This deal was challenging to finance due to uncertainty in the capital markets as well as unforeseen delays in completing a parking lot expansion for the tenant,” commented Ethan Schelin, Managing Partner at Schelin Uldricks & Co. “We were able to complete CMBS execution for the transaction and lock an interest rate for our client that minimized interest rate risk while in escrow.”
“The transaction took several months to complete after going under contract and our client was concerned with capital markets volatility,” remarked Derek Uldricks, Managing Partner at Schelin Uldricks & Co. “The Federal Reserve announced several rate hikes during our term of engagement so finding a lender that was willing to lock the corresponding index was important to our client.”
The property is a mission critical location for the tenant and serves the greater Lansing, Michigan area.
About Schelin Uldricks & Co.
Schelin Uldricks & Co. offers investment banking services with a focus on providing capital solutions to real estate companies and other mid-sized businesses.
Headquartered in Orange County, CA, Schelin Uldricks & Co. embodies a progressive entrepreneurial culture focused on integrity, transparency, execution, and ingenuity. The founding partners bring extensive capital markets experience in investment banking, private equity, and real estate finance. The company offers a broad array of services, including debt and equity placement, M&A consulting, GP advisory, divestitures, and financial restructuring.
SOURCE Schelin Uldricks & Co. LLC