Location:
2040 and 2001 William Street
San Leandro, California
Client:
Broadreach Capital Partners
Property:
A 142,500 rentable square foot (metal) manufacturing building, a 278,727 rentable square foot (CTU) warehouse building and a 17,000 rentable square foot office building situated on a 25.7-acre parcel with a separate 3.8-acre parking lot
Assignment:
Arrange floating rate acquisition financing including capitalization of project transaction costs, debt service shortfall, operating deficits, TILC and capital improvements, with partial release rights
Challenges:
Borrower required release provisions for excess land and buildings
Older improvements with substantial deferred maintenance
Limited historical operating information
Quick closing
Results:
$26,700,000 (75% LTC)
Term: 3 years plus two 1-year extensions
Amortization: Interest only
Prepayment: No lockout; prepayment premium during first 12 months of loan; par thereafter; partial release provisions for the 3.8 acre parking lot and buildings
