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$12,200,000 | Novato, CA building

Novato, CA

Transaction Type



Loan Type

Bridge Loan

Situation & Challenges

  • Class A office building
  • 45.4% occupied at closing
  • Property was 100% vacant 10 months after closing
  • Significant tenant improvement/leasing commission (TI/LC) facilities were needed to attract new tenants and lease property up to stabilization

Solutions & Highlights

  • Structured future facilities to allow for generous TI packages
  • Property was located within walking distance of a new commuter rail line
  • Floor plates were flexible, which allowed Sponsor to target single tenants, as well as smaller, multi-tenants
  • 5-year term plus extensions