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Situation/Challenges
  • Recapitalization of a recent acquisition
  • 58.4% occupancy at closing
  • Junior anchor space is currently vacant
  • Center was purchased out of REO by sponsor
  • TI/LC and rollover facilities needed to address vacancy and lease up the property
Solutions/Highlights
  • Property is anchored by a major national tenant and several in-line tenants are national
  • Structured over $700K in TI/LC and rollover facilities
  • Two new tenants have LOI's pending
  • Well located with access to a major thorofare
  • Non-recourse
  • Fixed-rate bridge loan with 3-year term plus extensions