|DATE OF FUNDING||8-16-2017|
|GROSS LOAN AMOUNT||$3,900,000|
|LOAN TO VALUE||68%|
|NET NOTE RATE||9.95%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$3,900,000 FOR THE REFINANCE OF OFFICE CONDOS IN FAIRFAX, VA
The borrowers sought $3,900,000 for the refinance of nine office condos in Fairfax, Virginia. This property is 24,291 square feet and is currently 95% occupied. The property benefits from high visibility and traffic flows.
The borrower originally purchased the property in 2005 for $12 million and sold eight units prior to the 2008 downturn. When their bank note came due they were unable to refinance due to market conditions. All units are currently leased. The exit strategy is to market and sell the individual condo units to current tenants and investors.