CHICAGO--(BUSINESS WIRE)--Envoy Net Lease Partners, LLC, a real estate finance company specializing in single-tenant, net-leased properties, today announced the closing of a $4.5 million loan for a new Goodwill of Southern Nevada store, the first to be funded under a multi-property construction facility.
The first project, a 16,000 s.f. freestanding retail store in Henderson, Nev., will be situated at the northeast corner of Stephanie St. and American Pacific Dr., an intersection that sees 40,000+ cars daily. The location offers easy access for both the neighborhood and greater Henderson customers, being just three blocks south of the I-215 intersection. The store will be across the street from the Nevada DMV and a Walmart Neighborhood Market anchored-shopping center.
Envoy worked in tandem with its senior bank partner to provide the subordinated “B-piece” financing that allowed the developer borrower, Brentwood Capital Partners, to fund the construction of the Henderson store.
“Envoy is proud to be associated with such a worthy, community-focused organization as Goodwill Industries,” says Ralph N. Cram, President of Envoy. “With the creation of this loan facility, we’ve made a multi-year commitment to fund future new freestanding Goodwill stores in Clark County. We look forward to being a part of Goodwill of Southern Nevada’s effort to upgrade their store base in the Las Vegas metro area.”
The transaction is the first multi-property construction loan facility Envoy has executed. It marks the fifth transaction overall for the company in 2014.
Prior to Envoy’s involvement, the borrower was having difficulty securing the necessary construction lend proceeds as traditional banks are hesitant to lend on a construction project backed by non-profit organizations. As a non-bank funding source, Envoy was comfortable providing gap financing based on Goodwill’s business model, professional management and long-term track record of meeting their obligations.
“Envoy is in the business of providing real estate developers with the financing they need to help their retailer clients grow,” Cram says. “It’s all the more gratifying when our efforts can support the expansion of an organization such as this — one that helps people stretch their incomes, helps the disadvantaged learn job skills, and helps the environment by recycling items that otherwise would be in landfills.
“Few charities can impact a local community in so many ways like Goodwill,” he added.
Updated, modern Goodwill stores
The projects to be built with the multi-property construction facility will be updated, modern stores as part of Goodwill of Southern Nevada’s expansion initiative to roll out stores that offer increased merchandise and convenience for customers.
“These are not your mom’s Goodwill stores,” Cram says. “The new stores are professionally designed and managed, and well located in high-profile, middle- to upper-income demographic areas. What Goodwill Industries has learned is that the quality and quantity of donations are greater in higher-income areas, and that their client base is willing to drive further to have access to better merchandise.”
Brentwood Capital Partners
Brentwood Capital Partners (BCP) is a full-service real estate investment, development and management company that invests across a broad spectrum of real estate sectors and markets. BCP’s customer-centric model and deep real estate experience allows BCP to capture and optimize unrecognized value for its tenants and investors. Focusing their years of investment, management and development experience, the principals and team at BCP have honed the current investment philosophy: invest in high barrier markets; seek investments below the radar of large investors; and, whenever possible, invest where others are not. Visit www.bcpmgt.com.
Envoy Net Lease Partners
Based in greater Chicago, Envoy Net Lease Partners, LLC, is a leading provider of short-term financing for single-tenant retail, industrial and medical properties. The company provides needed capital in the form of high-leverage construction and bridge loans, mezzanine debt and gap financing for deals that are often too small or too complex to attract the interest of most institutional investors and lenders.
Envoy seeks qualified projects and developer clients anywhere in the U.S. For investment criteria and to access downloadable flyers on Envoy’s various financing programs, please visit www.envoynnn.com.
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