$1.766M Refinance Bridge: Three NNN Retail Properties

The Borrower's Problem

Maturing debt required a refinance across 3 income-producing retail properties. The owner wanted to consolidate those obligations and move into traditional bank financing, but needed a bridge for that transition. The borrower had identified several conventional lenders for the planned refinance.

The Helvetica Solution

Helvetica structured a $1,766,000 first-mortgage bridge against a reported appraised portfolio value of $3,025,000. The resulting LTV was 58.38%. The 12-month loan carried interest-only payments and 2 six-month extension options. The source also specified a minimum of 6 months of interest for early payoff.

Collateral included 2 restaurant properties of 2,028 SF and 4,322 SF, plus an 8,000 SF two-tenant retail building. One restaurant operated under a triple-net ground lease; the other had an absolute-net lease. The retail building included a 5,600 SF national paint-retailer anchor and a second local operating tenant. The source reported corporate guarantees for the 3 national-tenant leases.

Combined reported net operating income was $202,404 per year, with a reported debt-service coverage ratio of 1.35x. The intended exit was a conventional bank refinance within 12 months. The source describes the proposed structure and planned exit, not a completed bank refinance. These lease and income figures reflect the historical transaction summary.

Benefit to the Borrower

• A $1,766,000 bridge designed to refinance and consolidate maturing property debt
• A 12-month interest-only term to arrange traditional bank financing
• 2 six-month extension options if the refinance required more time
• One financing structure supported by 3 retail properties and $202,404 in reported annual net operating income

Deal Highlights

• $1,766,000 first-mortgage refinance bridge
• 58.38% LTV against a $3,025,000 appraised portfolio value
• 3 Ohio retail properties totaling 14,350 SF
• 2 net-leased restaurants and 1 two-tenant retail building
• $202,404 reported annual net operating income; 1.35x reported DSCR
• 12-month interest-only term with 2 six-month extension options
• Planned exit: traditional bank refinance within 12 months