Chicago, IL, November 07, 2017 –(PR.com)– Pangea Mortgage Capital (“PMC”), a nationwide commercial lender headquartered in Chicago, Illinois, announced its recent closings of two deals totaling $7.8 million in loan proceeds across three properties located in California, Colorado, and Illinois.
PMC worked with experienced real estate professionals to provide up to $6.8 million in financing on a Southern California office / flex space building. The loan was structured to provide the borrower with operating and interest reserves for a six-month period leading up to a new tenant moving in.
In Illinois, PMC entered into a purchase and sale agreement for a multifamily building on the north side of Chicago. PMC simultaneously provided the client with a near $1.0 million loan collateralized by property in Colorado that enabled the client to enter into the Illinois purchase agreement.
“We’re very pleased to be working with borrowers from across the nation. Our ability to structure deals that meet our clients’ specific needs continues to prove a valuable asset for all parties involved,” said Scott Larson, Vice President and Group Head at PMC.
About Pangea Mortgage Capital:
Pangea Mortgage Capital is a nationwide commercial lender headquartered in Chicago, Illinois. PMC provides financing on real estate backed assets, with loan sizes between $1 million and $25 million. The Company is a subsidiary of Pangea Properties, a national multi-family housing owner with over 13,000 units. It is PMC’s mission to serve lower-middle market real estate investors, owners and operators by unlocking value through creative transactions. To learn more about the Company, please visit www.pangeamortgage.com.
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