$24,000,000
Milpitas, CA
Transaction Type
Loan Refinance
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Class B industrial office/manufacturing building
- Refinance of an existing bridge loan
- Building was 100% vacant for three (3) years
- Binary risk - high likelihood that a single tenant would lease the building.
- Significant tenant improvements/leasing commission (TI/LC) facilities required to lease-up and stabilize the property
Solutions & Highlights
- Structured over $5 million TI/LC facilities
- Sponsor completed make-ready improvements to modernize space for future marketing and leasing
- 5-year term with extensions