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Situation/Challenges
  • Class B mixed-use building
  • Approximately 25% occupied at closing
  • Property has some ferred maintenance issues
  • Complex tenant-in-common (TIC) ownership structure
  • Future cap-ex facility needed to address deferred maintenance issues and building improvements
  • TI/LC facility needed to re-tenant the building during loan term
Solutions/Highlights
  • Structured TI/LC facility for vacant space
  • Structured cap-ex facility to immediately address maintenance issues
  • Experienced local sponsor with other real estate holdings in close proximity to this property
  • Positive leasing momentum prior to acquisition
  • Non-recourse
  • 3-year term with extensions