CASE STUDIES

Santa Barbara Corporate Center

Loan Amount: $16,000,000 Closed: 3rd Quarter 2007 Location: 5383 Hollister Avenue Goleta, California
	Client: Bermant Development Company
	Property: A two story, steel-framed commercial office building containing 81,947 rentable square feet
	Assignment: Refinance building with fixed rate permanent loan to retire participating loan
	Challenges: Near term rollover of major tenant lease (20% of RSF) Largest tenant (64% of RSF) subleasing majority of space to tenant with near term direct lease rollover
	Results: $16,000,000 (80% LTV) Term: 10 years Amortization: Interest only for 5 years; 30-year amortization thereafter Prepayment: Defeasance Liability: Non-recourse