Fully Capitalized Bridge Lender Provides Funds to Enable Building Owner to Refinance Existing Debt
Cotati, Calif., September 1, 2020 – Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $6.8 million loan for a 47,000-square-foot fully leased industrial property in Sonoma County.
The owner will utilize the funds to refinance existing debt on the single-story light industrial building located at 369-371 Blodgett Street in Cotati, which is approximately five miles south of Santa Rosa.
“Barriers to entry are high in the surrounding area due to low existing industrial inventory, vacancy rates averaging 5 percent, and a lack of land approved to build on, which is creating strong demand for existing product such as 369-371 Blodgett Street,” said Billy Meyer, Managing Director of Real Estate Lending at Columbia Pacific Advisors. “Cotati is also ideally located in the North Bay Area with close proximity to US Highway 101, the primary corridor from San Francisco north to the Redwood Valley.”
Built in 2018, the property includes a 24,472-square-foot unit leased to General Woodcraft, a privately owned producer of custom woodworking and architectural millwork. A second unit, totaling 22,800 square feet, is leased to AVCON Constructors.
ABOUT COLUMBIA PACIFIC ADVISORS
Columbia Pacific Advisors (CPA) manages strategies in real estate investing, real estate lending and opportunistic investment. Columbia Pacific Advisors Bridge Lending is a platform within CPA that serves commercial real estate clients nationwide. A fully capitalized real estate bridge lender, the platform provides short- to intermediate-term loans ranging from $5 million to $75 million on a range of qualified income producing properties including multifamily, senior housing, affordable housing, hospitality and self-storage.