Sold

Office / Single-tenant - Acquisition

EL PASO, TX

$6,100,000

EL PASO, TX

 

Funding Purpose

Permanent Acquisition loan to acquire a single-tenant office building that was occupied by Spectrum Mobile and used as their call center.

Property Description

Spectrum office building located in a city outside of El Paso, Texas. The property is approximately 40, 000 square feet in a retail-heavy area.

Sponsors

Texas Real Estate Investor with years of experience in multifamily and office buildings looking to add to his portfolio

Challenges

  • Delayed closing process.

Solutions

  • worked with the lender to keep the closing process moving.
  • Closed with an institutional credit union getting the client a low interest rate on a larger loan.

Funding

  • Loan Amount (LTV):   65%
  • Interest Rate:             3.35%
  • Amortization:             30
  • Term:                          7
  • Recourse:                   Full
  • Prepayment:              None


Matt Bucaro

Matt Bucaro

TITLE

Senior Director, Capital Advisor

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