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  • Recapitalization of a recent acquisition
  • 62% occupied at closing
  • Property was purchased at auction as a result of foreclosure of a CMBS loan
  • Due to its time in receivership, the property has several deferred maintenance items
  • Significant future Cap-Ex and TI/LC facilities needed to address deferred maintenance issues and bring property to stabilization
  • Structured over $1.7 million in future facilities
  • Development in the area surrounding the property is strong with future mixed-use urban development coming on-line over the next few months
  • Rent roll is highly granular and the property has a good track record of tenant retention
  • Non-recourse
  • Fixed-rate 3-year term plus extensions