Funding Purpose
Cash out refinance
Property Description
Multi-Tenant Industrial Kitchen
Sponsors
Experienced industrial kitchen operator, currently operating two locations in Los Angeles and a third location in Chicago
Challenges
- New and unfamiliar product type for most lenders
- Tight closing timeline with expiring new market tax credits
- Execution of 45+ SNDA’s prior to closing
Solutions
- Assisted the lender in understanding the business model by getting the lender and sponsor to communicate early
- Closed the loan in days from LOI execution
- Worked diligently with the lender and sponsor to ensure SNDA’s were executed and delivered to the lender prior to closing
Funding
- Loan Amount (LTV): $14,495,000
- Interest Rate: 4.125%
- Amortization: 25 Y
- Term: 10 Y
- Recourse: Non Recourse
- Prepayment: No prepayment penalty
