Loan Type: Bridge – Refinance

Challenge

Due to bankruptcy, the subject’s anchor tenant vacated. The subject retail property needed to find a new anchor tenant while simultaneously refinancing the property. Grand Pacific’s underwriting process found:

• 65% vacancy rate
• Months were needed before full occupancy was reached and stabilized
• Required a lender and loan structure that would accept its pro forma valuation with a quick, aggressive, and insightful underwriting

Solution

This highly pro forma deal was funded by trusting our borrower’s experience as a seasoned commercial real estate player

• Provided borrower with almost 75% LTV based on pro forma value
• TI/LC funding provided to help sponsor reposition by securing a foothold to solidify its upside value
• Provided payment reserve to help sponsor with shortage of cash before tenants were physically in place
• Provided fully pro forma underwriting to create value for borrower