Gallery Image #1 Gallery Image #2 Gallery Image #3 Gallery Image #4
Situation/Challenges
  • 51.9% occupied at closing
  • Property consists of 3 single-story class B buildings and 1 four-story class A building
  • Previous ownership structure hindered the execution of new and renewal leases, contributing to a decline in occupancy and deferred maintenance issues
  • Significant Cap-Ex and TI/LC facilities needed to make needed repairs and renovations and to lease up the property once capital improvements are completed
Solutions/Highlights
  • Structured over $6.9 million in Cap-Ex and TI/LC facilities to support business plan
  • Sponsor is an A10 repeat borrower and has a local office that will handle leasing and property management
  • Equity partner is a value-add fund with a diverse CRE portfolio who is also a repeat A10 borrower
  • Non-recourse
  • 4-year term with extensions