CASE STUDIES

1285 Sutter & 1844 Market Streets

Loan Amount: $12,500,000 Closed: 2nd Quarter 2005 Locations: 1285 Sutter Street & 1844 Market Street San Francisco, California
	Client: Bay Rock SF Urban, LLC an affiliate of Bay Rock Residential. Emeryville, CA
	Properties: Two potential residential sites currently improved with a multiplex theater and a 3-story office building
	Assignment: Arrange a 3 year, non-recourse, acquisition loan to entitle two potential residential sites in San Francisco.
	Challenges: 70% of acquisition and entitlement costs; Non-recourse to principals of borrowing entity Vacating tenants during entitlement period Entitlement risk
	Results: $12,500,000 first mortgage 70% of cost, Rate: LIBOR plus 350 Fees: 1% in, 0.50% out Exit fee waived if converted to construction loan