CASE STUDIES

Venture Commerce Center-Sorrento Valley

Loan Amount: $11,060,000 Closed: 2nd Quarter 2007 Location: 11189 & 11199 Sorrento Valley Rd San Diego, California
	Client: Venture Corporation
	Property: Two adjacent R&D buildings totaling 44,915 square feet situated on a 3.24 acre parcel
	Assignment: Arrange floating rate acquisition and office condominium conversion/improvement financing
	Challenges: 90% non-recourse financing request Existing R&D building being converted to office condominiums Suburban location with no proven commercial condominium market
	Results: $11,060,000 (90% LTC) Term: 2 years plus three 1-year extensions Amortization: interest only Prepayment: Lockout for 6 months of loan term; yield maintenance months 7 - 18; par thereafter; partial releases for condominium sales (120%) Liability: Non-recourse