Transaction Overview
J. Jay Brooks successfully arranged the $45,600,000 refinance of a 2.1 million square foot industrial/office property in Northern California. The asset is a beautifully redeveloped military base and the financing was coordinated to allow the borrower to acquire the fee interest in the land. Cash flow was recovering from a downward trend caused by the recession, however diversified sustainable income from a variety of business types – from very small to very large – gave the Sponsor the flexibility to provide space as the local market demanded. Fixed for 10 years at 4.33%, the non–recourse loan is interest only throughout the term. There are no reserves beyond tax and insurance impounds.
