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  • Class B retail shopping center
  • 35% occupied at closing
  • Several existing tenants are month-to-month
  • Property experienced decline due to previous owner who was unwilling to invest capital to renovate the property and lease up the vacancy
  • Significant cap-ex and TI/LC facilities needed to address deferred maintenance, renovate and lease up the property to stability
  • Structured $1.2 million cap-ex facility
  • Structured $1.1 million TI/LC facility
  • Planned enhancements to the property will improve curb appeal to both tenants and shoppers
  • Borrower has successfully renovated and repositioned other similar properties in the market
  • Non-recourse
  • 4-year term plus extensions