$17,100,000
Carpinteria, CA
Transaction Type
Acquisition
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Class B office campus comprised of three buildings on 9+ acres overlooking the Pacific Ocean
- 61% leased to two tenants
- Lease expiration would occur for the tenant occupying 33% of net rentable area during the loan term
- Tenant improvement/leasing commission (TI/LC) facilities were needed to improve and market the space to stabilize the property
Solutions & Highlights
- Structured future facilities totaling over $1.8 million
- Local, experienced management/leasing representative had been involved with the property for several years
- 3-year term plus extensions