$28,750,000
Portfolio: Indiana and Ohio
Transaction Type
Acquisition Finance
Non-Recourse
Loan Type
Permanent Loan
Situation & Challenges
- Multi-state portfolio and tight closing deadlines made the due diligence process challenging
- Borrower structure consisted of five tenants in common (TICs)
- Commercial mortgage-backed securities (CMBS) lender backed out due to COVID-19 market shutdown
Solutions & Highlights
- Rate locked at application
- Funded in less than 30 days from receipt of Appraisals
- 15-year loan term