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Situation/Challenges
  • Three class B office buildings
  • 65.2% occupied before closing
  • Property was part of a larger portfolio that was foreclosed upon and became REO
  • Since the complex was with a special servicer, it had not received attention needed to improve occupancy
  • Significant TI/LC facility needed to improve occupancy
  • Sponsor's purchase of asset via Auction.com required tight closing timeline
Solutions/Highlights
  • Structured $2.2 million TI/LC facility
  • Sponsor is aggressively marketing the property demonstrated by successful lease amendments on 2 tenants and obtaining interest from 5 new potential tenants
  • Met all auction milestones and closed within specified timeframe
  • Non-recourse
  • 3-year term plus extensions