$23.15 Million | Office
Carmel, IN
- Loan Amount: $23,150,000
- Loan Term: 36 Months
- LTV: 75%
Bridge Loan for Office Property
- Loan Type:
- Bridge Loan
- Loan Amount:
- $10,800,000
- Loan Term:
- 3 Years
- Amortization:
- Interest Only
- Recourse:
- Non-Recourse
- LTV:
- 73%
Challenges
• The borrower was seeking an acquisition loan to purchase and fund future leasing costs for this Class B office property in, Tampa, FL.
• The property was 73% leased at closing and the borrower plans to renovate and fully lease up the property. The borrower felt the property was underperforming based on the current market conditions and their business plan is to brings rents to market levels.
• The borrower needed certainty with this acquisition loan that had a hard-closing date.
Solutions
• Money360 provided funds to acquire the property and additional capital for TIs/LCs.
• The loan will provide CAPEX to help renovate the property and help the borrower fully lease up the property at market levels. The custom-tailored loan structure provided by Money360 would allow them to successfully execute their business plan.
• The loan structure includes funds for CAPEX and leasing costs. It also includes a three-year term with an additional two (2) 12-month extension options.
This loan is secured by 122,848 square-foot Class B office property located in Tampa, FL.
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