Project Description
Land – Dallas, TX
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition
- Current Loan Balance: $3,500,000
- Fully Committed Loan Amount: $3,500,000
- Appraised Value: $10,934,850
- Loan to Value Ratio: 32.0%
- Current Interest Rate: 9.75%
- Interest Rate Index: Fixed
- Interest Rate Floor: n/a
- Origination Date: June 26, 2019
- Maturity Date: February 1, 2021
- Term: 19 months
- % of Portfolio: 4.5%
1899 McKinney is approximately 0.447 acres, located in the Kingsville area of Dallas/Fort Worth. The site is approximately 2 minutes (by car) from downtown Dallas. The borrower refinanced this loan with Thrive Lending Fund II on January 29, 2021, and intends to lease the space to a retail, restaurant, or office tenant and complete tenant improvements.
