|DATE OF FUNDING||11-13-2018 / Modified 9/1/19|
|GROSS LOAN AMOUNT||$6,640,000|
|LOAN TO VALUE||41.76%|
|NET NOTE RATE||8.45%|
|TERM OF INVESTMENT||24 months with two 6-month extensions|
$6,640,000 FOR THE REFINANCE OF AN OFFICE BUILDING AND ADJOINING LAND IN HAGERSTOWN, MD
The borrower needed funds to refinance a 71,306 square-foot modern office building as the current note was coming due. The borrowers were a family-limited partnership that operate a successful international label printing business. They had developed and operated several other commercial buildings in the area in the past. Bank financing was not available on short notice due to the current low occupancy of 60%. One of the major tenants in the building was a bank that was acquired in a merger and no longer occupied the site. Originally a $5,850,000 loan, in September 2019, this loan was modified by increasing the loan amount by $790,000 in order to allow the borrower to complete Tenant Improvement work required prior to the move-in of a new primary tenant, a large bank. ABLP was able to secure two adjacent commercially zoned parcels totaling 27.47 acres and four individual guarantors for a low overall combined LTV of 41.76%. The exit strategy is to lease up the office property and seek conventional financing and to sell the currently listed land parcels.