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Cache Private Capital Diversified Fund (CPC Diversified Fund) managed by CPC Management (CPC) announced it successfully transacted a short-term bridge loan to assist Whole Grain Fresh Market, an Asian retail market in the greater Chicago area, capitalize on an opportunity, and need, to refinance its debt at a significant discount.In 2013, the market suffered a catastrophic loss when a neighboring business had a fire. The market’s electrical components were located through the adjacent wall of the retail mall and destroyed in the fire. This not only caused a power outage, but loss of inventory and indefinite closure of the market worked diligently to correct the issues, but couldn’t access the unit to repair the damage. Although adequate insurance coverage was in place, claims were slow to process. While continuing to wait for the pending insurance funds the market was able to reopen and the owner worked diligently to correct the issues while continuing to service its bank debt and subordinated SBA note. However, the bank accelerated its Note stating it was concerned with its position and offered a discount on its payoff to expedite repayment.
Between the operator’s extensive history, commitment to the project, and meaningful down payment, CPC worked around the challenges other lenders could not navigate and was able to extend the immediate need of capital. With an improved debt position the owners can now continue to fully stabilize the already positive cash-flowing grocery store and work on securing a loan that will be more suitable for the market’s long-term vision.
Prior to this transaction, some of the more notable closings directly funded by CPC Diversified Fund this year include:
? A construction loan for a franchise restaurant chain in a thriving Texas market;
? an acquisition and operational loan for a retail strip mall and surplus of land collateral in and around Colorado Springs;
? a renovation refinance on a flagged hotel in Hattiesburg, MI;
? an acquisition facility of a multiple family asset in a Texas college town coupled with the refinance of a hotel renovation project in Central Colorado.
These transactions alone add up to more than $10 million in loan volume, all originated by Funding Database who originates loans for many lenders like CPC Diversified Fund and is CPC’s affiliate deal flow source company.
“It’s always rewarding to couple new capital with portfolio turn-over from payoffs and asset sales to accomplish yield, preservation, and security for CPC Diversified Fund’s loyal members,” Dale Munson, CPC’s CEO and Fund Manager, stated in response to CPC Diversified Fund’s growth and positive first half of the year. “With a strong loan pipeline and a seasoned management team with real experience cultivated over a decade of making good loans, we are well positioned for the future and to continue our objective of putting members first and funding the dreams of real estate entrepreneurs.”
About Cache Private Capital Diversified Fund: Private Capital Diversified Fund is a private commercial mortgage REIT that makes short-term bridge loans, nationwide (www.cacheprivatecapital.com. FundingDatabase is a loan sourcing and fintech company that originates for dozens of private lenders and develops tools that serve borrowers, brokers and lenders (www.fundingdatabase.com).
Contact Info:
Name: Kellen Jones
Email: Send Email
Organization: Cache Private Capital
Phone: (855)724-3863
Website: http://www.cacheprivatecapital.com
Release ID: 86817