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Situation/Challenges
  • Two class B flex/office buildings
  • Refinance of an existing bank loan
  • One building is 100% vacant with combined occupancy of 54.3% between the two properties
  • Vacant building was a build-to-suit property occupied by a single tenant and renovations are underway to modernize and demise for multi-tenant occupancy
  • Cap-Ex and TI/LC facilities needed to complete renovation work and facilitate lease up of the properties to stabilization
Solutions/Highlights
  • Structured over $1.2 million total cap-ex and TI/LC facilities to support business plan
  • Sponsor is a local operator who has owned both buildings since their construction
  • Major tenant has recently signed a lease and another is in negotiations
  • Non-recourse
  • 3-year term with extension options