Market Street 1 Market Street 2 Market Street 3 Market Street 4
Situation/Challenges
  • 70% occupied at closing
  • Center is a newer development that came on-line just prior to the Great Recession, causing several tenants to back out of their lease agreements
  • Co-tenancy clauses and occupancy thresholds will limit the value of the property until the thresholds have been cleared and tenants are paying their full contract rent
  • Significant TI/LC facility needed to facilitate lease up of the property and bring to stability
Solutions/Highlights
  • Structured over $5.4 million in TI/LC & rollover facilities to support business plan
  • Borrower brings a significant tenant-in-tow and is in discussions with several retailers to take up space
  • Center is shadow anchored by a Dillard’s department store with above-average sales
  • Non-recourse
  • 4-year term plus extensions