|GROSS LOAN AMOUNT||$3,575,000|
|LOAN TO VALUE||57.7%|
$3,575,000 FOR THE ACQUISITION
OF A COMMERCIAL RETAIL CENTER IN SACRAMENTO, CA
The borrower acquired note purchase financing in the amount of $3.575M for the acquisition of a $10.4M senior secured first lien mortgage secured by real property known as Glenbrook Shopping Plaza for $5.75M. The Subject Property is a five building, 69,230 rentable square foot shopping center located in Northern California. The Property consists of 4 parcels totaling approximately 6.85 acres. The borrower’s business plan is to obtain fee-simple ownership of the Property through a deed in lieu. The current occupancy at the Property is 80% and the borrower will contribute a $2M down payment at closing.