BEB Lending, the finance platform of BEB Capital, has provided a $9.7 million, 24-month acquisition and capital expenditure bridge loan to Hersh Equity Group (HEG) for the acquisition financing of a 77,657 square-foot industrial property at 1800 Hypoluxo Rd. in Lake Worth, Florida. The financing will be used to provide the sponsor with the ability to capitalize on the mark-to-market potential of the property.
BEB Lending was represented in-house by Sean Silverbrook and HEG was represented in-house by Juda Hersh.
“BEB Lending and the principals of Hersh Equities Group have a long-standing relationship. This loan marks the second transaction completed between the two entities,” said Silverbrook, vice president of BEB Lending. “The continued growth in southeast Florida provides a tremendous opportunity for the sponsor to create significant value at this property.”
1800 Hypoluxo Rd. is home to a mix of small bay and self-storage industrial tenants and is located off Interstate 95 in West Palm Beach County. The financing transaction represents BEB Lending’s first in Lake Worth.
“Through our strategic partnership with BEB Lending, HEG has successfully secured above-market terms for a value-add asset,” said Corey Schwartz, managing partner for HEG. “Our commitment to leveraging strong relationships and market expertise has empowered us to not only expand but to consistently achieve above-market returns in the dynamic Florida commercial real estate landscape.”
BEB Capital created BEB Lending to provide quick and creative financing solutions for commercial real estate assets in primary and secondary markets across the US, with loans up to $50 million. In 2023, as an active lender nationwide, BEB Lending launched a $150 million credit fund that it is actively deploying capital out of in 2024.
