8/30/2024 – Huntington Beach, CA – Schelin Uldricks & Co. is pleased to announce that it has successfully arranged a $4.4MM land loan on a portfolio of travel center development projects in the southwestern United States. The funding was used to refinance an existing bridge loan and fund a working capital and soft cost reserve to complete the business plans for the portfolio of assets.
The development group owns several sites in Colorado and Nevada that are in various stages of development. The business plans include leasing the sites to travel center operators on a long-term basis after receiving entitlements. “Travel centers are a popular destination for short and long-distance travelers and there is still robust demand for entitled land from travel center operators. When fully developed, the sites will include fuel stations, restaurants, convenience stores, gaming, and a hotel” commented Ethan Schelin, managing partner of Schelin Uldricks & Co. “Despite a soft market for land financing, we were able to arrange a private debt solution for our clients that gives them more runway to execute their business plans and acquire additional sites.”
The properties are located along major interstate freeways with excellent visibility from the freeway and are leased to some of the largest travel center operators in the country.
About Schelin Uldricks & Co.
Schelin Uldricks & Co. is a commercial real estate firm offering investment banking services with a focus on providing capital solutions to real estate companies and other mid-sized businesses.
Headquartered in Huntington Beach, CA, Schelin Uldricks & Co. embodies a progressive entrepreneurial culture focused on integrity, transparency, execution, and ingenuity. The founding partners bring over 35 years of collective capital markets experience in investment banking, private equity, and real estate finance. The company offers a broad array of services, including debt and equity placement, M&A, GP advisory, divestitures, and financial restructuring.