The subject property is an 80,484 square foot big box location in the Holiday Village Mall. An experienced repeat borrower purchased this property when it was completely vacant with the plan of re-purposing the property into a multi-tenant retail center. The borrower has accomplished his goal as one nationally recognized tenant just began their lease when tenant Improvements were just recently completed. There is a 2nd tenant signed lease in place and a signed LOI from the 3rd tenant. Rodeo’s new loan allowed the borrower to pay off the original property purchase loan and provided the tenant improvement budget for the other two spaces. This allows the borrower to achieve his goal of completing the revitalization of this property to a viable, profitable multi-tenant retail center. The borrower will exit Rodeo’s loan by either conventional refinance or sale of the property when the work is complete and the property is stabilized.

 

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