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$8,500,000 | Plano, TX building

Plano, TX

Transaction Type

Acquisition Finance


Loan Type

Bridge Loan

Situation & Challenges

  • 59% combined occupancy at closing
  • One of the buildings was 100% vacant
  • Previous owner was reluctant to provide capital for building improvements
  • Future CapEx and tenant improvement/leasing commission (TI/LC) facilities were necessary to invest in building upgrades and lease-up vacant space
  • Borrower requested partial release provision for a portion of the collateral

Solutions & Highlights

  • Property had no rollover risk during the loan term
  • Property was well located with access to the local freeway
  • Structured over $1.2 million in CapEx and TI/LC facilities
  • Structured creative release provision
  • 3-year fixed-rate loan term with extensions