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Situation/Challenges
  • Class B mixed-use building
  • Acquistion loan from seller who has owned the property over 30 years
  • 11.3% vacancy at closing
  • Property has a mix of 15 office tenants and 4 retail tenants
  • No on-site parking
Solutions/Highlights
  • Hard corner location in CBD with access to 'skywalk' system of enclosed, climate-controlled pedestrian walkways
  • Sponsor has over 40 years' experience owning assets of the type and owns other properties in this market
  • Monthly parking available to tenants and retail customers at several nearby garages/surface lots
  • Non-recourse
  • 10-year term
  • 30-year amortization schedule