|MEECORP Closes $1.3 Million Bridge Loan for the Purchase of Three Foreclosed Properties in Two Harbors, Minnesota
Fort Lee, New Jersey -- Meecorp Capital Markets, a privately owned commercial real estate lender specializing in value-added commercial real estate projects, today announced the closure of a three-year $1.3 million bridge loan to PSC of Two Harbors, LLC, a Twin Cities development group.
PSC of Two Harbors, LLC has purchased out of foreclosure three adjacent parcels of land located at Highway 61 and CSAH #3 in Two Harbors, MN. The properties include the Northern Rail Traincar Suites, a 17-unit motel property located on 16 acres, a 66.82 acre parcel of land zoned R-3 and a 66.66 acre parcel of land zoned R-4.
"Meecorp strongly believed in our plan to convert these properties into desirable locations in Two Harbors," said Tim Oliver, controlling shareholder of PSC of Two Harbors, LLC. "Meecorp worked with us in structuring a complicated transaction, and performed in a timeframe and under conditions that many lenders would not have been able to handle."
Daniel Edrei, director at Meecorp Capital Markets added, "A typical Meecorp loan - one that makes perfect sense if you think out of the box".