BEB Lending Provides $6.9M Loan for Acquisition of Detroit Industrial Property
DETROIT — BEB Lending has provided a $6.9 million bridge loan for the acquisition of a 365,000-square-foot industrial property in Detroit’s Brightmoor neighborhood. Built in 1931, the property at 12640 Burt Road was renovated in 2012 and is located within 20 miles of both the Detroit City Airport and the Detroit Metropolitan Airport. The Class B, multi-tenant building is 89 percent leased. The loan features a two-year term and marks BEB’s first financing transaction in Michigan. The borrower was 1029 SFG Equities LLC.