- Loan Amount: $23,150,000
- Loan Term: 36 Months
- LTV: 75%
Bridge Loan For Office Property
- Loan Type:
- Bridge Loan
- Loan Amount:
- Loan Term:
- 3 YR
- Interest Only
• Our borrower was looking for certainty of execution and came to Money360 after another lender had failed to perform.
• The borrower was seeking to refinance a 152,000 sq ft, Life Science/R&D office building located in Bothell, WA, a Seattle suburb.
• The borrower was looking for TI/LC capital for necessary maintenance and repositioning of tenants.
• The asset lost a major tenant who occupied nearly half of the unique office space and the sponsors needed to re-lease the vacancy.
• Money360 provided an initial Rate/Term loan to refinance the property with additional capital for CapEx & TI/LC’s to lease vacated space.
• Money360’s longstanding relationship with the broker and the sponsor’s 20 year ownership of the property were key factors that contributed to our ability to execute on this transaction.
• We processed the loan in a timely and efficient manner to ensure we met the hard date set.
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