An experienced repeat borrower had a small window to refinance a CMBS loan. The borrower needed certainty to avoid costly penalties. They also required lender flexibility due to the challenging process of refinancing a CMBS loan.
Over the previous 10 years, the sponsor has done an excellent job of retaining quality tenants. The strong tenant payment history coupled with favorable leases helped SFG quickly arrive at value.
Over the years, there had been expected maintenance that needed to be addressed. SFG was able to design a loan to provide capital for an interior refresh, modest roof repairs and appropriate elevator maintenance.
With borrower cooperation and a strong effort from the entire SFG team, we were able to fund the loan on time. The sponsor now stands to benefit from a loan designed to improve the property and allow appropriate time for a graceful exit through a sale or refinance.
Why we like the deal
- LOCATION – Adjacent to Microsoft Campus.
- Money set aside for improvements
- Strong, diverse tenant Base
- Achievable refinance at loan amount.
- Repeat Borrower
Contact SFG Underwriter
