Briar Capital closed a new $2.3 million commercial real estate loan in Georgia to a tennis and aquatic recreational facility. The transaction was a refinance of a six-year-old seller note where the seller desired to exit the debt to focus on other opportunities.
Introduced to this prospect by Simple Commercial Capital, a boutique capital advisory firm, Briar Capital stepped in to quickly underwrite and close the transaction to meet an ambitious timeline. Briar Capital refinanced the existing seller mortgage and provided additional liquidity for working capital and property improvements, all while rolling in the closing expenses to limit the borrowers out of pocket costs.
“While a good portion of our business consists of your typical owner-occupied, commercial real estate facilities, Briar Capital has become the go-to lender in the commercial finance industry for unique real estate lending opportunities such as this,” Jeff Appleton, executive vice president for national business development at Briar Capital and who sourced the transaction, said. “I doubt many other lenders would have had the ability to get their arms around this transaction as quickly as we did and close this loan facility in a timely manner. Many thanks to Briar Capital’s stellar underwriting team of Laura Cordero and Kristin Yowell who spearheaded the closing and worked diligently to get this opportunity across the finish line.”
