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Situation/Challenges
  • Class B suburban office building
  • CMBS loans went into maturity default and was with a special servicer
  • 100% occupied at closing
  • Near-term risk roll with two tenants comprising the majority of the occupied space
  • Rollover facility needed in the event existing tenants do not renew their leases
  • CapEx facility needed to address immediate repair items
Solutions/Highlights
  • Structured future facilities of over $1.3 million
  • Borrower has already initiated renewal discussions with tenants and has indicated that both are receptive to renewing early
  • Property located in a strong submarket with good fundamentals
  • Non-recourse
  • 3-year term with extensions