SilverLeaf Financial has acquired two commercial assets totaling $3m from United Commercial Bank. The properties are located in Massachusetts.
According to SilverLeaf, one loan is a $2.3m face-valued loan that consists of a 452,000 square feet office/industrial building in Taunton, Massachusetts. The building is spread across approximately 40 acres.
The other purchase is nearly a $700,000 face value loan, consisting of approximately 40,000 square feet of office/industrial space in Wooster, Massachusetts, said SilverLeaf.
SilverLeaf has already contacted the borrowers and is currently in negotiations on the work-out side with both the borrowers.
SilverLeaf Financial has also acquired a 42,000 square feet medical office/condo building in Torrance, California. The property was purchased by the current borrower in 2005. It underwent extensive renovation, and the offices were converted into medical office condos for sale. SilverLeaf intends to continue to work with the current borrower of this loan.
