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Commercial Lending Corporation Announces the Successful Purchase and Remodel Bridge Financing of a Class ”C” Office Building located in San Jose, California
November 3, 2015 (MMD Newswire) — Commercial Lending Corporation has successfully placed a $5.5 million, 75% LTV bridge loan for the purchase and remodel of Meridian Avenue Office Building, a 41,500 sf Class “C” office building in San Jose, CA.
Commercial Lending Corporation became involved when the buyer had only three weeks remaining on their purchase contract, after which their deposit would be lost. The borrower stepped into the position of a previous seller who had completed most of the due diligence but could not close, and there were back up offers waiting to purchase the property if our borrower failed to close. The loan closed within the contract period.
The purchase price was $7.1 million and the property needed $2.7 million in remodeling and lease up costs. The property had not been properly maintained by the seller and was only 67% leased. The loan had an initial funding of $4.6 million which was 65% of contract purchase price, and a renovation reserve account of $900,000 was built into the loan structure.
The borrower is a group of experienced real estate professionals who had recently completed the acquisition, renovation and repositioning of a similar office building in South San Francisco. The borrower has plans to upgrade the property to a Class “B” property and stabilize the occupancy.
About Commercial Lending Corporation
Commercial Lending Corporation was stablished in 1997 and has a developed a nationwide reputation of getting loans closed that others couldn’t. The advantage Commercial Lending Corporation offer is having over 35 years of diversified commercial real estate underwriting experience that saves our borrowers time and money.
Contact: Ric Cavallero Senior Underwriter 805-832-5599 [email protected] Commercial Lending Corporation 9800 Mt Pyramid Ct, Suite 400 Englewood, Colorado 80112 303-771-1931
Source: http://mmdnewswire.com/commercial-lending-corporation-office-building-131502.html
