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Situation/Challenges
  • Acquisition financing to purchase a Mack-Cali building
  • 42.7% occupied
  • Property has lost two major tenants in the past year
  • Significant cap-ex and TI/LC facilities needed to complete upgrades/improvements and lease up to stability
Solutions/Highlights
  • Structured future facilities totaling over $7 million
  • Experienced local sponsor owns several other properties in the area
  • Grocery-anchored retail center under construction next door will offer attractive amenities to tenants
  • Non-recourse
  • Fixed-rate 4-year term plus extensions