Experienced developer/sponsor (developer/contractor 24+ years) is seeking approximately $900,000 secured by a first position on a 21,208 SF commercial warehouse in Phoenix, AZ for acquisition and improvements for a medical marijuana cultivation facility.
Appraisal: $1.8MM on September 7, 2013.
A purchase agreement is in place with seller in the amount of $1,290,000.
Sponsor is seeking a 2-5 year note, 10% interest with no pre-payment penalty after one year. Sponsor is contributing approximately $900,000 cash. Looking for a 2-week close.
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