98,000 SF Office Repositioning Bridge Loan

Office acquisition & rehab bridge loan in West Covina, CA

 

98,000 sf. office building with 12% occupancy

 

  • $10,900,000
  • 3 year floating rate bridge loan over 30 day Libor
  • 75% loan to cost inclusive of purchase price, capital expenditures, tenant improvements, and interest reserve
  • Overcame reputation issues of the asset
  • Overcame suburban sub-market bias
  • Funded by institutional debt fund