TUCSON, AZ (April 20, 2016) - A repeat borrower approached Helvetica and requested a bridge loan to pay off a maturing CMBS loan on their multi-tenant light industrial building in Tucson, AZ.
The property had high historical occupancy, until a tenant occupying 51% of the building vacated after 21 years. Due to the recent high vacancy, the borrower was unable to obtain conventional bank financing. Helvetica was able to step in and provide a $1,450,000 bridge loan to pay off the borrower’s maturing loan. The borrower intends on utilizing Helvetica’s bridge loan to stabilize the property and lease up the remaining vacant space. Helvetica is confident in the borrower's ability to stabilize the property and refinance into more permanent financing. The borrower had been a loyal client and repeat borrower on several other properties.
Deal Highlights:
- High vacancy
- Bank turn down
- Repeat borrower
- Maturing CMBS loan
Helvetica welcomes the opportunity to work with repeat borrowers/brokers and will continue to offer great rates and a streamlined process to those who repeatedly bring us business. We value these relationships as they are what drives our business and allows us to succeed.
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