CASE STUDIES

2850 Telegraph

Loan Amount: $10,500,000 Closed: 4th Quarter 2004 Location: 2850 Telegraph Avenue Berkeley, California
	Client: Seagate Properties, San Rafael, CA
	Property: 68,000 SF multi-tenant office building
	Assignment: Arrange a non-recourse, variable rate bridge loan with multiple disbursements to acquire and improve the property.
	Challenges: Property 60% leased at close and 40% leased within 6 months of close. No pre-leasing. Older asset. Quick closing on a 1031 acquisition. Complex borrowing structure.
	Results: 70% Loan to Total Costs. Rate: 3.75%/30 Day LIBOR Lender Fee: 1% Amortization: Interest Only Liability: Non-recourse Closed in less than 30 days from the execution of the loan application.