James Business Park & Jamlyn Supply$3,000,000 – Land Acquisition & Development
$2,500,000 – Short Term Inventory Loan Refinance
The land acquisition loan was secured by one (1) parcel of land totaling 9.226 ± Acres and improved for the development of two (2), one-story, light industrial warehouse buildings totaling 145,643 SF. Jamlyn Supply (Borrower’s Related Operating Entity) will occupy 60% of the space upon completion Preleasing is ongoing for the remaining 40% of the space.
During loan underwriting and packaging, Compass noticed that Jamlyn Supply had a high-interest inventory loan on their balance sheet making financing of the subject property highly unlikely without first paying off, or refinancing the existing note. In their negotiations, Compass found a community bank that was able to finance both the real estate and inventory loan. Jamlyn Supply’s interest savings in year one will exceed $1.4 million.