Location:
5650 Hollis Street
Emeryville, California
Client:
Hollis Street, LLC
Property:
A single-story, 63,000 square foot office building, including 9,000 square feet of interior parking area; poured in place concrete construction
Assignment:
Secure fixed-rate, long term acquisition financing
Challenges:
High loan-to-square foot for construction type
Single tenant building with lease expiration prior to loan maturity
Declining rental market, rising vacancy rate
Deteriorating financing environment
Results:
$9,000,000
Interest Rate: 6.85%
Term: 10 years
50% Recourse
1% prepayment premium through 4th year; par thereafter
