Bridge Loan For Office Property

Loan Type:
Bridge Loan
Loan Amount:
$32,480,000
Loan Term:
3 YR
Amortization:
Interest Only
Recourse:
Recourse
LTV:
30%

Challenges

• Physical issues: developer costs, asbestos remediation, interior reconfiguration, tenant allowance and tenant installment.
• Non-physical issues: significant underwriting for lease up costs, managing the presence of tax credits in the capital stack (federal, state, city) to be repaid over 10 years for infrastructure improvements.
• The collateral includes approximately 450,000 square-feet of office space in buildings that date to the early 1900’s as the original corporate headquarters for Goodyear Tire & Rubber in Akron, Ohio.

Solutions

• Money360 management took the time to understand the deal, met personally with the lead sponsor, and worked closely with the broker considering their strong relationship with the sponsor.
• Utilized due dilligence information; several leases signed by reputable tenants.
• We have the proper protocols in place to ensure the progress and successful completion of the project.

Nicolas Jans

Money360

View Bio

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