The subject property is an 83,225 sq ft retail center currently 97.7% occupied with major national tenants. Rodeo’s loan was utilized to pay off existing debt. Additionally, the loan provided the Tenant Improvement funds for 2 of the units that were leased out by national chains. The borrower will exit Rodeo’s loan with a conventional refinance or sale of the property when it is stabilized.
- 70% Loan to After Repair Value
- Fund Controlled Tenant Improvement Budget
- Built-in Interest Reserves
- Experienced Repeat Borrower