Last week while Rodeo Lending was working virtually, we closed a great loan on a 42,716 SF special-purpose medical building, on 2.6005-acre site. Property was built in 2014 and is in excellent condition. The borrower was able to get a great deal on this beautiful building because it was empty. While in escrow, the borrower negotiated a 25 Year property lease with a tenant who secured an agreement with the Veteran’s Administration to operate the property as a wellness center for our veterans. Loan Proceeds were used to help purchase the property, provide the funds for tenant improvements and an interest reserve while the borrower completes the work for the tenant to move in. Borrower will exit the property by either selling the property or refinancing conventionally.
- 44% Loan to Stabilized Value
- 25 year NNN Lease in place
- 12 months built-in Interest Reserves
- Borrower Self-Funding Tenant Improvements