Private lender kicks-off lending program
Dallas, TX (October 4, 2011) – Rafkin Lending announces the closing of a $3.56 million first lien land loan to a Behringer Harvard entity for the development of an industrial park in Phoenix. Rio Salado Commerce Park totals 65 acres and is located at 3000 South 24th Street, one mile south of Phoenix Sky Harbor Airport.
“This loan demonstrates the strengths of our lending program. We provided essential funding to a top-notch investor and developer to build out Rio Salado as a high quality industrial park. Behringer Harvard has a compelling business plan catering to users and developers who require a superb location, and convenient access to the airport and major thoroughfares in Phoenix. We are pleased to provide much needed capital in a difficult financing environment,” says Bill Rafkin, principal of Rafkin Lending.
Once the utilities, roadways, landscaping, and welcoming entry features are completed, Behringer Harvard will sell individual lots to owner/users and developers. It is zoned for industrial use, which capitalizes on the desirability of its location, access, and visibility. “We expect sites to be available for sale in January 2012,” says Rafkin.
The loan has a three year term and is secured by a first lien. The loan-to-value ratio is within the boundaries set by Rafkin Lending’s underwriting standards. Rafkin Lending expects to make similar loans to seasoned investors and developers for worthy projects located throughout the country.
About Rafkin Lending
Rafkin Lending makes well secured loans to experienced borrowers seeking to acquire, rehab, or develop warehouses, office buildings, retail centers, apartments, and commercial land located in major cities throughout the US. We make loans ranging from $3 to $20 million, with terms ranging from one to five years. Our loans have no personal recourse to the borrower. As a “portfolio” lender, we invest our own money in the loans we originate and we hold onto them through maturity.