Dallas, TX, November 13, 2017 --(PR.com
)-- In a joint venture with a private debt fund, Bay Mountain Capital recently closed an $8.5 million loan, nearly doubling the previous July record of $4.4 million. The record-setting loan was secured by approximately 150 acres of light industrial land located in Austin, Texas.
The borrower plans to complete the horizontal infrastructure and subdivide the land into 1- 5-acre tracts, marketing the lots for sale to individual users. The project will be structured as a campus park, with a community clubhouse and walking trails. This use of land is much needed, and the unique plan and extra amenities will be a great addition to Austin’s economy.
Bryce Yamauchi, Bay Mountain’s Commercial Loan Originator explained, "The Austin light industrial market is among the hottest nationwide. Supply for 1- 5-acre tracts for individual users is extremely limited. This, combined with the borrower's 23 years of development experience, makes us very bullish on this project."
Bay Mountain Capital’s Managing Partner Dean Lontos added, "This loan marks an important milestone for our fund. The $5 million-plus space is traditionally dominated by lenders backed with institutional capital. By foraying into this space through the syndication of loans with larger funds and family offices, we expect to tap into a new market that will be a driver of growth for us in the future."
Since 2009, Bay Mountain Capital has funded more than 1,700 loans totaling more than $250 million on commercial and residential properties in all major Texas markets, as well as Atlanta, Georgia. Bay Mountain loans are based on the property’s completed value, including proposed improvements. This appeals to borrowers who can benefit from a higher leverage than a bank can offer. Bay Mountain’s reputation, expertise, and quick-to-close, common sense approach is attractive to sophisticated borrowers.
For more information contact:
(214)-953-3188 ext. 10