The Subject Property is an empty 12,496 sq ft Office Building in a commercially zoned area of Long Beach, California. A paying tenant with a signed lease who is awaiting a special healthcare licensure and permitting from Building and Safety started a rehab and remodel to convert the property for medical office use in a jurisdiction that is difficult to deal with. Permitting was not 100% guaranteed but Rodeo was willing to close the deal despite this uncertainty. If the licensure and permitting is not approved the rehab changes will have to be reversed. Rodeo liked the location and the asset type of the property. The borrower refinanced his original purchase loan to Rodeo’s loan which had much better terms.
- Financed an empty building