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THE REAL DEAL: Tex - Wave Industries :
WHERE: Robston, TX
WHAT: Construction of manufacturing facility
LENDER: Meecorp Capital Markets, a privately-owned commercial real estate lender and investment banker
FINANCING: $4,620,000 interest-only bridge loan
TERMS: 5-year adjustable rate at %5.75 basis point over Prime
LTV/LTC: 71% of actual project guarantee; 97% of the present value Surety Bond
BUILD OUT: 6 months
Tex-Wave Industries is a start-up operation controlled by three partners with experience managing public works and large-scale construction projects. The principals approached MEECORP to fund the infrastructure and construction of a metal galvanizing facility in Robston, TX (a city strategically located at the transportation crossroads of South Texas). The company had managed to secure an EDA (U.S. Economical Development Administration) grant of $1,000,000 and $350,000 in matching funds from the City of Robston, which also allotted the firm a 7-acre parcel of land with a favorable long-term lease agreement.
The borrowers found it impossible to secure traditional financing for the project and -- before coming to MEECORP -- were unable to find a private lender with the know-how to structure this complex non-conforming transaction. MEECORP worked closely with Tex-Wave to approve a loan of $4,620,000 secured by a first lien on the real estate (and improvements) and a $4,400,000 unconditional Surety Bond from the City of Robston, Texas General Obligations Account. The lender’s creative problem-solving helped Tex-Wave capitalize on a once-in-a-lifetime opportunity. This entrepreneurial approach has distinguished MEECORP since its inception over a decade ago.
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MEECORP The Streetwise Commercial Lender Email Us at Princial@meecorp.comAddress: 2115 Linwood Avenue - Suite 301- Fort Lee, New Jersey 07024

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