Project Description

Refinance an Office Building for a Non-profit Organization

Loan Amount: $2,580,000

Loan Type: Bridge

Challenge

Our existing client was seeking to refinance this office building with Grand Pacific for the second time. Being familiar with the borrower and the property, Grand Pacific quickly processed this transaction. Some challenges we faced were:

• Sponsor was a non-profit organization
• Tenant was recovering from past financial challenges
• Future source of revenue was dependent on contract renewals which created uncertainty for underwriting

Solution

Ultimately, addition to refinancing the existing loan, Grand Pacific provided all transactional costs, payment reserves, and cash out for capital improvement.

• Grand Pacific’s acceptance of pocket to pocket leases
• Sponsor’s 27 years of experience in operating the subject business
• Visible improvement of the business’s financials
• Provided partial payment reserve to protect sponsor from unforeseen events

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