Titan Funding has secured funding for acquisition of a 327,000-square-foot property to be redeveloped as a Cannabis Campus
BOCA RATON, FL, March 19, 2020 /Neptune100/ — Titan Funding announces it has secured phase one funding on behalf of its client, Rubicon Real Estate Holdings, LLC, for the acquisition of the 327,000-square-foot vacant Glenwood plaza in Pontiac, Michigan. Plans are to redevelop the site as a full-service Cannabis Campus with construction slated to begin in the second quarter of 2020.
Rubicon closed on the property in February with the help of a $5 million loan arranged through Titan Funding. The site will be redeveloped as a Cannabis Campus that will include approximately 266,000 square feet of cultivation space in addition to an 8,000-square-foot retail dispensary and a similar-sized testing and transport facility. Long-term plans for the site also include a large neighborhood grocery store and other retail outlets. The need for a grocery store became evident when talking to local residents and the proposed supermarket will also benefit from the security required for the medical marijuana complex. The anticipated timeline for completion of phase two is three to four years.
The Glenwood Plaza has been vacant for several years and Rubicon’s plans will create as many as 100 jobs, revitalizing the town, with training being offered for new employees. The training course will be free of charge to local residents.
“Here at Titan Funding, we are delighted to have been instrumental in making this exciting new enterprise happen,” says President Edward Piazza. “Redeveloping an area that has sat empty for decades, while also providing new jobs, is a win-win for the town.”
Titan Funding (www.titanfunding.com), is a South Florida-based commercial real estate lending company that focuses on providing bridging loans on financing for multifamily, hospitality, retail and mixed-use projects.
For more information on investing with Titan Funding, or to submit a deal, please contact Edward Piazza at [email protected]