Carpinteria 1 Carpinteria 2 Carpinteria 3
Situation/Challenges
  • Class B office campus
  • Property comprised of 3 buildings on 9+ acres overlooking the Pacific Ocean
  • 61% leased to two tenants
  • Tenant currently occupying 33% of net rentable area has lease which expires during loan term
  • TI/LC facility needed to improve and market the space in order to bring the property up to stabilization
Solutions/Highlights
  • Structured future facilities totaling over $1.8 million
  • Current tenant in negotiations with sponsor to take over remaining available vacant space which will bring property to stabilization if executed
  • Local experienced management/leasing representation that is based in the area and has been involved with the property for several years
  • Non-recourse
  • 3-year term plus extensions