Location:
7800 South at Redwood Road
West Jordan, Utah
39th South at Highland Drive, and
370 East 500 South
Salt Lake City, Utah
Client:
FPA Acquisitions, LLC
Property:
Three buildings consisting of two retail properties (100,403 and 41,994 GLA) and one commercial office property (15,930 rentable square feet) located in and around Salt Lake City, Utah
Assignment:
Arrange 80% floating rate acquisition financing to include capitalization of project transaction costs, debt service shortfall, operating deficits, TILC and capital improvements
Challenges:
Older (1960, 1971 and 1979) properties
Out-of-state sponsorship
Significant vacancy (40%) in larger retail property including vacant anchor space
Vacancy (15%) and near term rollover (25%) in office building
Results:
$14,200,000 (80% LTC)
Term: 3 years plus two 1-year extensions
Amortization: interest only
Prepayment: partial release provisions (at 110%); no other prepayment premium
