$33,000,000
San Diego, CA
Transaction Type
Loan Refinance
Non-Recourse
Loan Type
Permanent Loan
Situation & Challenges
- Refinance of an existing bank loan
- 19-story, Class A office property
- Stabilized occupancy at closing
- Potential concentrated roll risk during the loan term based on lease expirations and termination options
Solutions & Highlights
- Structured creative rollover reserve
- Building was the only office tower in the immediate neighborhood
- Sponsor was a fully integrated real estate platform that had invested and managed high-quality commercial office properties throughout the U.S.
- 10-year loan term with extended interest only (I/O) period, followed by a 30-year amortization schedule