Situation/Challenges
SECURED BY CLASS A OF OFFICE BUILDINGS
- Borrower completed lease up & wanted a bridge loan to provide flexibility for them to sell the properties as a portfolio or individually
- Cash out refinance request
- Property was declared 4-unit condo at closing
- Property was acquired out of foreclosure during the great recession
Solutions/Highlights
- Repeat A10 borrower who is highly experienced
- 86% lease, with 32% of the NRA lease by credit tenancy through 2046
- Properties cross collateralized, cross defaulted
- Transaction structured with release provisions