|GROSS LOAN AMOUNT||$3,128,000|
|LOAN TO VALUE||68.0%|
$3,128,000 NOTE ACQUISITION FOR A FIRST TRUST
DEED SECURED BY A RETAIL CENTER IN SACRAMENTO, CA
The subject property is a retail shopping center located in Sacramento, CA. $3,128,000 has been loaned in the form of short-term note purchase financing to acquire a non-performing first deed of trust (the “note”),which is secured by Elkhorn Shopping Plaza (the “property”). The property consists of 25 suites, comprising a total of 40,000 square feet. Currently, 19 of the 25 spaces are occupied, which equates to a physical occupancy of 77.4% based off the leasable area. The borrower contributed apx. $1,672,000 in cash at the closing of the loan, equating to a 35% down payment and closing costs.The initial appraised value came in at $4,790,000, however we reduced it to $4,600,000 after considering lease-up costs and other factors. The borrower’s guarantor has a net worth of apx. $220,000,000.