Private Canadian Debt Fund Provides $55M Loan For Conversion Of Industrial Building In Oakland For Cannabis Use

The industrial property located at 5601-5733 San Leandro Street in Oakland has recently undergone a closed transaction. The property, spanning 441,000 square feet, was the subject of a loan amounting to $55,000,000. The loan was granted by a private Canadian debt fund to Green Sage LLC, the landlord of the property. The building is set to be converted into a cannabis use facility.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $55,000,000
• Square Footage: 441,000
• Address: 5601-5733 San Leandro Street, Oakland
• Market: Oakland

The loan was facilitated by Jonathan Ikenna from Lotus Capital, serving as the broker for the deal. The proceeds from the loan will be utilized to pay down the outstanding balance of the existing financing, cover construction completion costs, finance associated expenses, establish an interest reserve, and cover carrying costs for insurance dues and real estate taxes throughout the projected stabilization period. Overall, this closed transaction demonstrates the growing interest in cannabis-related facilities within the Oakland market.