Borrower was looking to put subordinate financing behind an existing CMBS loan that did not allow subordinate financing:
- 6% pay rate, accrued to 12% overall rate
- 90,000 SF Class “A” Trophy Office Building investor.
- Private East Coast Investor worked diligently with the borrower to overcome a number of issues including a complex ground lease.
- 3 years with two 1 year extension options.
- Proceeds used for working capital, TI/LC/Cap Ex to complete stabilization of the property.
Loan Amount: $12,500,000
Loan Type: Preferred Equity: Office Building
Loan Location: Santa Monica, CA