Basis Investment Group Provides $23.1M Bridge Loan for Industrial Property in Provo, Utah

Basis Investment Group has closed a $23.1 million bridge loan to refinance Sierra Vista Way, a 158,756-square-foot industrial property located at 3752 Sierra Vista Way in Provo, Utah, the firm announced Feb. 17. The borrower is Scannell Properties, the developer behind the Mountain Vista Business Center project.

The loan is held in BIG Real Estate Fund III, according to the announcement. No loan term, interest rate, or prior financing details were disclosed.

Property Details

The subject property, known as Mountain Vista Business Center, is an industrial building completed in 2023. Approximately 55% of the building's total rentable area remains available for lease, according to research data, implying an occupancy rate of approximately 45% at the time of financing.

Bridge Loan Financing and Lease-Up Context

Bridge loans of this type are commonly used by developers to refinance newly delivered assets ahead of full stabilization, providing capital flexibility during the lease-up period.

About the Parties Involved

Basis Investment Group is a commercial real estate finance firm that offers bridge loans, structured equity, mezzanine financing, and agency lending products including Freddie Mac and Fannie Mae executions, as well as CMBS loans. The firm operates BIG Real Estate Fund III as a vehicle for bridge lending activity.

Scannell Properties is a real estate development and investment firm specializing in industrial real estate. The firm serves as the lead general partner on the Sierra Vista Way project.

No sale price, cap rate, or additional transaction terms were disclosed in connection with the financing.

Sources

Basis Investment Group – Official Announcement