$50,350,000
Perm Loan
450,000 SF Office Building
Norwalk, CA
$50.35 million non-recourse bridge loan comprised of a $38.63 million, floating rate senior piece, and an $11.72 million B piece. The yield on the B piece was capped. The financing structure provided 100% of TI and leasing commission dollars, allowing the borrower to complete the lease up of the building. Upon stabilization, the principals of HRC arranged a $47 million permanent loan, with a 15 year term. The first five years were interest only to maximize the borrower’s cash on cash returns.