Location: Southfield, MI
Loan Amount: $17,700,000
Interest Rate: 11.00%
Amortization: Interest Only
Loan to Value: 50%
Purpose: The financing structure included an initial term of three years with possible extension options to refinance a maturing loan. The borrower intends on doing comprehensive capital improvements to lease-up the vacant space and then refinance the property with permanent debt.
The sponsor sought certainty of execution in order to refinance its current loan under an expedited closing timeline with a year-end maturity - The new loan was closed in 15 days from application.
The borrower is a Toronto-based real estate investor with extensive experience in owning and leasing Class-A office properties throughout North America.