Envoy Net Lease Partners is a leading provider of high-leverage construction loans and gap financing for single-tenant, build-to-suit projects.
Envoy today announced the closing of a $4.5 million loan for a new Goodwill of Southern Nevada retail outlet, the first to be funded under a multi-property development credit facility to upgrade the non-profit's store base in the Las Vegas metro area.
“Envoy is in the business of providing real estate developers with the financing they need to help their retailer clients grow,” Cram says. “It’s all the more gratifying when our efforts can support the expansion of an organization such as this — one that helps people stretch their incomes, helps the disadvantaged learn job skills, and helps the environment by recycling items that otherwise would be in landfills."
The first project, a 16,000 s.f. freestanding retail store in Henderson, Nev., will be situated at the northeast corner of Stephanie St. and American Pacific Dr., an intersection that sees 40,000+ cars daily. The location offers easy access for both the neighborhood and greater Henderson customers, being just three blocks south of the I-215 intersection. The store will be across the street from the Nevada DMV and a Walmart Neighborhood Market anchored-shopping center.
Prior to Envoy’s involvement, the borrower was having difficulty securing the necessary construction lend proceeds as traditional banks are hesitant to lend on a construction project backed by non-profit organizations. As a non-bank funding source, Envoy was comfortable providing gap financing based on Goodwill’s business model, professional management and long-term track record of meeting their obligations.