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Chicago – The transaction was the first to be completed under Envoy’s new bridge loan program.
Chicago – Envoy Net Lease Partners LLC has financed a first-mortgage bridge loan for a single-tenant, net-leased Walgreens drug store property in Chicago. Envoy worked in tandem with its senior bank partner to provide the subordinated “B-Piece” financing that gave the borrower the necessary loan proceeds to close on time to qualify for the tax-free exchange treatment. The bridge loan also afforded the borrower the flexibility to negotiate the lease extension after closing. The transaction was the first to be completed under Envoy’s new bridge loan program, and the fourth transaction for the company in 2014.
— Scott Reid