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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