$1.1M Cash-Out Bridge: Fully Leased Retail Strip Center in North Bend

The Borrower's Problem

The owner's existing loan on the center had matured. At the same time, the ownership group wanted cash out to fund improvements on another commercial property it owns in the Seattle area. The group had substantial reported net worth but limited liquidity.

The Helvetica Solution

Helvetica funded a $1,100,000, 12-month interest-only bridge secured by a first mortgage on the 9,065 SF strip center. The property appraised at $1,850,000, placing the loan at 59% LTV.

The center was 100% leased to a mix of tenants including a long-term dentist, a dance and yoga studio, and a national sandwich restaurant. Gross income of $129,535 a year produced $108,055 in net operating income, enough to service the bridge debt.

The structure included two 6-month extension options, for up to 24 months of total runway while the owner refinanced or sold.

Benefit to the Borrower

• One $1,100,000 bridge retired the matured loan and released improvement capital.
• Interest-only payments were covered by the center's existing rental income.
• Two 6-month extension options protected the refinance or sale timeline.
• 59% LTV on a $1,850,000 appraisal left meaningful equity in place.

Deal Highlights

• $1,100,000 cash-out bridge; first-mortgage security
• 100% leased 9,065 SF retail strip center on 32,385 SF
• Supermarket shadow anchor driving traffic on the main arterial
• $129,535 gross annual income; $108,055 net operating income
• $1,850,000 appraised value; 59% LTV
• 12-month interest-only term with two 6-month extension options
• Planned exit: refinance within term or sell