Bay Bridge

CASE STUDIES

Wiki Wiki Self Storage

Loan Amount:  $9,646,000
Closed:  3rd Quarter 2008

Location:
720 North 10th Street
San Jose, California

Client:
AGI Capital
Property:
A 64,000 square foot concrete tilt-up industrial building being acquired for conversion to a two-story, 982-unit self storage facility situated on a 1.47 acre parcel
Assignment:
Secure 75% of cost loan for the acquisition and redevelopment to a new use of a vacant building.

Challenges:

  • Speculative project
  • Deteriorating credit market
  • High Leverage

Results:

  • $9,646,0000 (75% LTC)
  • Term:  36 months with a 1 year extension option
  • Amortization:  Interest only
  • Prepayment:  open to par prepayment at any time
© Kearny Capital Partners 2007. All rights reserved.
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