Location:
31005 – 31199 Mission Boulevard
Hayward, California
Client:
FPA Acquisitions, LLC
Property:
A grocery-anchored community shopping center containing 138,368 leasable square feet situated on 12.4 acres of land
Assignment:
Arrange high leverage floating rate acquisition financing to include capitalization of project transaction costs, TILC, capital improvements, debt service shortfall, and operating deficits to lease and reposition the property
Challenges:
Vacant grocery store space (25%)
Significant number of shop vacancies, month to month tenancies and near term lease rollover
Results:
$22,900,000 (90% LTC)
Term: 2 years plus three 1-year extensions
Amortization: interest only
Prepayment: no lockout; par prepayment subject to minimum payment of first 12 months’ interest; partial release provisions for pad buildings
