|
$73,600,000 Non-Recourse Construction & Mezzanine Financing- 100% Loan-to-Cost (Excluding Contributed Land) 82% Loan-to-Value Construction Loan on To-Be-Built Class A Office Building: GSP has arranged $73,600,000 of non-recourse debt ($61,000,000 senior construction loan and a $12,600,000 mezzanine loan) for an approximate 250,000 sf. office building, approximately 65% preleased to one investment grade credit tenant. The financing was for 100% of cost net of the contributed land, which the client acquired in the late 1980's. Capital Structure: The approximate $73,600,000 financing package was non-recourse except for a completion guarantee. GSP achieved a structure where the senior lender allowed a recorded 2nd trust deed for the mezzanine lender and also allowed a UCC-1 assignment of partnership interest for a Municipality also contributing a portion of the land. Property Specs: An approximate 250,000 sf. office building (approximately 35,000 sf. ground floor retail) with a total of approximately 70% preleasing (65% preleased to an investment grade credit tenant on the office space and 5% preleased to retail tenants). Senior Financing: (1) Loan Amount: $61,000,000; (2) LTV: 80%; (3) Rate: LIBOR pricing with no LIBOR floor or cap required; (4) Term/Amort: 3 years/Interest only; (5) Lender Fee: 1.00%; (6) Non-recourse except completion guarantee and standard carve-outs. Mezzanine Financing: (1) $12,600,000; (2) LTV: 85% (combined); (3) Rate: 14.00%; (4) Term/Amort: 3 years/Interest only; (5) Lender Fee: 1.00%; (6) Prepayment: Open; (7) Recourse; Non-recourse except completion guarantee and standard carve-outs. (Gary E. Mozer, Lee T. Norman, Gerald Price)
|
