Owners/operators of a Construction & Development company are sought a business purpose 1st TD loan on these 3 Commercial buildings in Indio, CA. Borrowers are currently underway converting these Commercial buildings into to a single-tenant private Charter school. Funds from our loan will be used to pay off the existing $1,150,000k purchase loan on the property and $683k will be held in funds control to complete the remodel project. The construction funds will go towards a fire and sprinkler retrofit, final interior/exterior finishes and additional Covid 19 required site improvements. Building Permits and Conditional Use Permits are approved and in place. The borrower is bringing in approx. $175k to close and has over $620k invested personally in this project.
River Springs Charter School will be occupying the property as they have grown out of their facility in Indio that they have occupied for over 7 years. River Springs operates 18 Charter Schools across So. California and has their headquarters in Temecula https://springscs.org/.
The subject property consists of 3 separate buildings with 13,540 SF of rentable space sitting on a 55,321 SF lot. The subject property was previously used for professional and medical office tenants and is currently undergoing a major remodel for single tenant usage. The borrower experienced significant changes and subsequent increase in cost to the construction plan a result from Covid. The borrowers have a 15 year signed lease with “River Springs Charter School” with annual rents starting at $13,200 per month. Tenant will take possession upon remodel project completion. The subject property features 12 restrooms and 67 spot parking lot, it is well located near downtown shopping, restaurants and is just south of the 10 Freeway. Although the subject property is being modified for single tenant occupancy the property can readily be returned to 2-4 tenant occupancy in the event that a re-purposing be necessary in the future.
