• Cash-in refinance of a 191,556 SF retail property in Waco, Texas. The property was well-located in an established retail corridor.

• Property was 82% occupied and 88% leased at the time of closing, with a recent lease signed for a portion of the property. Property has a good mix of local and national retailers.

• Strong in-place cash flow with good leasing momentum. Substantial reserves were held at close for CapEx, new leasing activity, and rollover, with full cash sweeps during loan term.