|DATE OF FUNDING||7-17-2017|
|GROSS LOAN AMOUNT||$3,175,000|
|LOAN TO VALUE||67%|
|NET NOTE RATE||9.95%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
Mount Pleasant, SC
$3,175,000 FOR THE REFINANCE OF MEDICAL OFFICE IN MOUNT PLEASANT AND PAWLEYS ISLAND, SC
The borrowers sought $3,175,000 for the refinance of an 11,504 square-foot medical office building (“2705 North”) and a 2,087 square-foot office condominium (“999 Lake Hunter”) in Mount Pleasant, South Carolina and a 1,960 square-foot office condominium (“8683 Ocean”) in Pawleys Island, South Carolina.
2705 North has long-term credit tenants, a Children’s Specialty Clinic operated by the Medical University Hospital Authority and is physically 100% occupied with rent escalations. The property benefits from high visibility and traffic flows.
999 Lake Hunter is currently vacant but the borrower is in negotiations to lease the space soon.
8683 Ocean is physically 100% occupied by a single-tenant dermatology practice.
The borrower was a doctor who experienced some business interruption due to health issues and a difficult divorce. The drain from those events caused credit difficulties, the borrower no longer practices medicine and has leased out the properties. The exit strategy is to improve credit and to obtain conventional or SBA financing within 6-18 months.