$8,500,000
Plano, TX
Transaction Type
Acquisition Finance
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- 59% combined occupancy at closing
- One of the buildings was 100% vacant
- Previous owner was reluctant to provide capital for building improvements
- Future CapEx and tenant improvement/leasing commission (TI/LC) facilities were necessary to invest in building upgrades and lease-up vacant space
- Borrower requested partial release provision for a portion of the collateral
Solutions & Highlights
- Property had no rollover risk during the loan term
- Property was well located with access to the local freeway
- Structured over $1.2 million in CapEx and TI/LC facilities
- Structured creative release provision
- 3-year fixed-rate loan term with extensions