$23.15 Million | Office
- Loan Amount: $23,150,000
- Loan Term: 36 Months
- LTV: 75%
• Tapped out with existing lender but needed additional capital to build out next phases of the subject development.
• Maturing Loan
• Needed flexible loan structure
• Newly constructed, high-quality multi-tenant office, Frisco, TX – Construction loan take- out included future funding for TI/LC. Strong location on the Dallas North Tollway proximate to the STAR (home of the Dallas Cowboys) mixed use complex. Project is in lease-up, flexible underwriting and certainty were keys to winning the deal.
• On this loan, Money360 provided a structure with initial loan proceeds sufficient to pay-off the existing construction loan and provided future funding for interest reserve and TI/LC’s. The borrower needed to free up additional borrowing capacity with his local relationship bank in order to continue building out the master-planned mixed use project. The loan was secured by a newly constructed, 90,000 square foot office building located in Frisco, TX.
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