GreenLake Asset Management LLC ("GreenLake") announces it has closed a $14,275,000 loan on eight gas stations located in New Jersey and Pennsylvania.
GreenLake's funding allows the borrower to re-acquire a key location lost to foreclosure and will facilitate a major re-brand and significant upgrades.
An experienced real estate investor approached GreenLake to refinance a portfolio of distressed gas stations due to an absentee tenant and complicated title issues. The borrower was in default with their existing lender and the bank had already foreclosed on one location.
GreenLake provided funds enabling the borrower to re-acquire that key location, as well as to refinance and move away from a challenging lender relationship. Additionally, the funds will allow the borrower to re-brand with a major international brand, and rehabilitate and upgrade the properties.
Peter Chang, Managing Principal at GreenLake stated, "While distressed properties pose complex challenges that lenders often shy away from, special situations are what GreenLake excels at. Our underwriting hinges on the underlying real estate asset and the sponsor's ability to execute.
Our view across multiple sectors gives us the insight, experience and resources necessary to navigate and execute on these types of loans." Founded in 2008, GreenLake Asset Management LLC and its affiliates ("GreenLake") provide short-term commercial bridge loans nationwide.
GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self storage and retail.