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Situation/Challenges
  • Campus of 7 medical office buildings
  • 93.8% occupied at closing
  • Complex condominium association ownership structure
  • Several of the tenants are government-related agencies and have annual termination rights based on budget funding
  • 33% rollover in year 3 of the loan term
Solutions/Highlights
  • Government tenants are associated with vital agencies of state government
  • Borrowing entity has majority control of the condo association
  • Sponsor is the original developer of the property
  • Non-recourse
  • 10-year term