Loan Type: Bridge – Refinance
One returning and two new clients who come from varying backgrounds were seeking to refinance this property. However,:
• Ground lease property
• Over 20% vacancy rate
• Business was still in a stabilization phase with relatively low NOI from previous years
The projected performance of this business was critical to the approval of this loan.
Although the property had its difficulties, we recognized that the subject had significant upside potential.
• Located in a desirable location in San Diego with good accessibility
• Business operations were showing consistent improvements year over year
Grand Pacific believed the momentum of this business would be continuous, and helping our Sponsors refinance would be of great benefit.