Funding Purpose
Site 1 – Cash out refinance for pre-development costs of a new Starbucks store under lease negotiation and future co-tenant
Site 2 – Acquisition and rehab for single tenant site under lease negotiation with prominent Moody’s rated national dental operator
Property Description
Site 1 – Existing structure on 62,300 foot lot at signalized intersection to be razed for new constructions.
Site 2 – Existing structure on .38 acre loot former Salvation Army site.
Sponsors
Experienced retail and office developer/investor with over three quarter million square feet under ownership.
Challenges
- Sponsor under 1031 Exchange timeline
- No executed leases
Solutions
- Secured acquisition, pre-development, and future construction capital commitment and met 1031 exchange deadline
Funding
- Loan Amount (LTV): 50%
- Interest Rate: 4.25%
- Amortization: 25 years
- Term: 2 years
- Recourse: Non-Recourse
