$12,200,000
Novato, CA
Transaction Type
Acquisition
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Class A office building
- 45.4% occupied at closing
- Property was 100% vacant 10 months after closing
- Significant tenant improvement/leasing commission (TI/LC) facilities were needed to attract new tenants and lease property up to stabilization
Solutions & Highlights
- Structured future facilities to allow for generous TI packages
- Property was located within walking distance of a new commuter rail line
- Floor plates were flexible, which allowed Sponsor to target single tenants, as well as smaller, multi-tenants
- 5-year term plus extensions