First Bank and Trust Company Illinois

Indiana Medical Center

Overview: $3,500,000 loan to renovate and expand a vacant 9,500 SF building in Mishawaka, Indiana into start-of-the-art stand-up MRI center.

Timing: 60 days from signed term sheet to closing.

Unique Characteristics:

Financing provides 75% of costs to refinance acquisition loan, buyout an existing partner, and complete proposed 28,000 SF facility.
Loan allows Borrower option to sell condo-office units or lease space.
Project is located 1 mile from new 350-bed hospital scheduled for completion in 2009, and 5 miles from the campus of Notre Dame University.
Loan is structured in 2 phases to accomodate lease-up of existing building upon completion, while ground up construction of expansion is underway.