Imperial Norwalk Center

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.

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