$1,650,000 Non-Recourse Rate and Term Refinance for an Owner/User

Transaction Description:  David Stepanchak placed the no-cash-out pay-off of a construction loan for the build-to-suit office building of a charitable organization. The loan to the 501c3 borrower is 100% non-recourse and does not require a carve-out guarantor. A pocket-to-pocket lease was not underwritten and therefore there was no additional credit support to the loan beyond the value of the collateral. The ten year loan is fixed for 7 years at 4.7% before rolling to a floater over 6-month LIBOR for the remaining 3 years. Prepayment penalty steps-down from 5% to open the final two years of the fixed term.