$23.15 Million | Office
- Loan Amount: $23,150,000
- Loan Term: 36 Months
- LTV: 75%
• Borrower had to solve for the upcoming loan maturity and the high interest rate.
• Flexible prepay was also important to the borrower.
• This Class A 117,518 square foot office building will be repositioned to multi-tenant after the former single tenant moved out.
• Funds for CapEx, Tenant Improvements and Leasing Commissions (TI/LC’s) are required to execute the business plan.
• The Money360 flexible structure (for CapEx & TI/LC’s) will facilitate the borrower harvesting value through new leasing.
• Quick closing mitigated the maturity default and provided a lower cost of capital which will enhance the yield to the borrower.
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