$20,400,000
Ocala, FL
Transaction Type
Recapitalization
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- 70% occupied at closing
- Co-tenancy clauses and occupancy thresholds limited the value of the property until the tenants cleared the thresholds and were paying their full contract rent
- Significant tenant improvement/leasing commission (TI/LC) facilities needed to facilitate lease-up to stabilize the property
Solutions & Highlights
- Structured over $5.4 million in TI/LC and rollover facilities to support business plan
- Borrower delivered a significant tenant-in-tow and was aggressively pursuing additional tenants at closing
- Center was shadow anchored by a major national department store with above-average sales
- 4-year term plus extensions