Sponsor was seeking a $1.5M cash out loan against a cannabis retail location currently only 33% leased, with plans to increase to 100% cannabis occupancy. The single tenant currently provides medical marijuana products, and will expand to occupy the full building upon approval for recreational cannabis sales.
StackSource Capital Advisors Zach Wagner and Omar Sobhy were able to position the strength of the property and location to mitigate the risk exposure for lenders and successful sourced a debt fund to provide a 2 year, Non-recourse loan at $1.5M with full term interest-only payments and cash out to the borrower.
