$52.5mm for 171,353 sf Office Portfolio
We first met the client in November 2007 while the banking system was in full melt down. The outside purchase close date was January 1, 2008 and the client’s $500K deposit was non-refundable. The client’s current broker worked for a well-known correspondent broker but kept the client on the path with a CMBS lender. We found a life company that not only funded the loan before Christmas but also structured additional funding for mezz debt and instituted release clauses to allow flexibility for differing hold strategies of each building. The lender we closed with was a correspondent lender for another large brokerage firm which begs the question, “If serving the client is the highest priority, why hadn’t the first broker already contact the other correspondent brokerage firm?” As per standard practice, we shared our fee with the correspondent brokerage that represented the life company. About 30% of the life company deals we place are with correspondent lenders.
$6.4mm for 83 Bed Assisted Living Facility
This was a ground-up construction project in a tertiary location. Contacted 30+ lenders and closed with a little known lender who happened to know about a newer government backed program (not SBA) that helped reduce the client’s carrying expenses. Just as importantly, the client did not need to worry about finding a take-out or accepting a mini-perm offer because the new government program included a 20/20 option after project completion.
$17mm loan for 50 Unit Mixed Use
This was a 4-story, podium, mixed use construction project in the Bay Area. This was the first U.S. based project for the developer who was not a U.S. citizen but had permanent residency status.
$8.2mm for 63,000 sf Office Building
This take-out loan was funded in 2002 before CTL (Credit Tenant Lease) financing was widely practiced. The borrower was a well-known national developer. We were able to obtain a loan of 100% LTV on a 22-year amortization schedule even though the lease term was only 17 years. In order to maximize proceeds we negotiated an acceleration in the event that the tenant did not exercise their extension option.
$3.6mm mezz debt for 272 unit multi-family development
This was the first large project for the borrower. Unexpected initial costs as well as an environment of increasing material costs endangered the borrower’s ability to exercise the option on the land. We were able to bring in a mezz debt lender who worked with the borrower’s construction lender and closed the loan on time.
$2.7mm for 28,800 sf MOB
This medical office building was located in a tertiary location and had less than 50% occupancy between both existing tenants and pending leases. The borrower had a poor credit history and limited liquidity. We were able to acquire a loan from a bank with rate and terms far superior to what hard money lenders were offering.
