CRESCENT, CA / ACCESSWIRE / August 10, 2020 / Leading commercial lender MCG has completed the financing of a new medical center in Crescent, California. The financing provides a $65M four stage construction loan that will convert to permanent financing.
Built in an Opportunity Zone, the developer has a twenty year build to suit lease in place, which will cover the debt service for the life of the loan. The development will be a community medical center encompassing a wide array of practice areas. "We are ecstatic that we were able to finance this project. The community will benefit from this medical center and it will have a lasting effect for years to come. The developer will also see multiple financial benefits from this project. The Tax Cuts and Jobs Act included a new federal incentive-Opportunity Zones- are meant to spur investment in under-capitalized communities. This is a HUGE win for everyone involved" said Stan Bril, CEO of MCG.
For more information about MCG visit: http://www.mcgloan.com/.
About MCG
MCG is a commercial lender that funds construction, commercial mortgages, bridge financing, and business financing products. MCG is dedicated to helping those in need of real estate loans to get the assistance they need. Led by founder and CEO, Stan Bril, the firm excels from their founder's experience in finance and real estate. Through Bril's vision, the company has focused on providing structured, non-conforming loans that allow investors to finish projects and keep up with the demands of their business. With their innovative lending products, the company has brought a new sense of creativity to the lending market that helps facilitate growth and profitability. This private commercial lending institution has been providing quality loans since its inception in 2009.
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SOURCE: MCG