Vacant, Core Location, Large Down Payment…DONE!
This six-story, office building is a highly visible and well-known landmark on one of the main entry corridors into downtown San Diego. The asset had languished in the teeth of the turbulence for some time, and responsiveness was the key that allowed the buyer to acquire this remodeled, completely vacant, bank-owned building at their price. The experienced broker knew who to call, we were on site within 24 hours, and the professional team at SFG funded this acquisition loan two weeks after the PSA was signed. There’s still pain in the commercial asset-classes, but with that pain comes opportunity for well qualified buyers, knowledgeable brokers…and lenders with the capacity and experience to respond. When time and deal certainty matters, SFG delivers.
Follow-up:
As with many of our transitional bridge loans to experienced, well-capitalized sponsors, this loan was quickly retired as their repositioning strategy was implemented. Many of the improvements have been made, the building is well into its lease-up, and the new buyers have once again demonstrated why SFG is the lender of choice for high quality sponsors, broken projects and asset repositioning
