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  • Acquisition Financing
  • 68.6% occupied at closing
  • Approximately 40% of space in the building rolls during first two years of the loan term
  • Previous owner shifted business plans and has not focused on the building's leasing needs
  • Significant TI/LC, Rollover and Cap-Ex facilities needed for improvements to backfill a large space recently vacated by one tenant and to accommodate near term lease roll
  • Structured $2.7 million in future funding facilities
  • Approximately 29% of tenants have been in place for almost 20 years
  • Property has been institutionally owned and managed since 2009 with substantial renovations in 2011
  • Borrower is locally based and has significant experience in the market
  • Non-recourse
  • Fixed-rate, 3-year term plus extensions