Gelt Financial Announces Funding of $472k Retail Loan in Chicago
DELRAY BEACH, FL (April 22, 2021) – Gelt Financial, a leading commercial real estate lender, announced the closing of a $472,000 first mortgage on a vacant Aldi Supermarket in Chicago, IL for a conversion into a premiere childcare center.
This loan was brought to Gelt by a mortgage broker who needed a two week closing. The borrower is rapidly growing his business and was in need of a quick, capital provider due to problems with their original lender. Gelt's loan will provide acquisition financing as well as renovation dollars to bridge the borrower to an SBA loan.
Gelt Financial is strategically deploying capital for transactions in the $100K-$5MM range, a market that is increasingly being overlooked during the pandemic,” said Noah Miller, of Gelt Financial. “This was purchased by the owner of a small business in order to add an additional location to their successful childcare business. We believe in this business and will continue to be at the forefront of lending in the space.”
About Gelt Financial
Gelt Financial is a nationwide commercial real estate lender and investor. Gelt invests up and down the capital stack and provides First Mortgages, Mezzanine Financing, Preferred Equity, JV Equity and Direct Equity. Gelt invests in all types of commercial real estate, including but not limited to multifamily, manufactured housing, office, retail, warehouse, industrial, self-storage, and mixed use.