Offices — our client was buying a 151,000 square foot vacant office building. He needed $3M of equity along with his $3M and a bank loan of $16M to finalize the purchase. The financing had to be completed within 3 weeks. CMFC secured the equity, and the client gave a preferred return to the equity participant giviung up only 25% of the deal. The property was acquired below replacement cost and was to be completely renovated to a class "A" office building.
Retail Space — our client had just completed leasing phase 2 of a 106,000 square foot center which he had owned since 1996 but recently added 30,000 square feet. He had 2 loans on the property and wanted to consolidate both loans and pull out some equity and lock in a low fixed rate mortgage. CMFC locked in a rate at 5.125%, fixed for 10 years with a 30 year amortization for $9M.
Storage Facility — our client had recently constructed a 620 unit self storage facility. He just reached 92% occupancy an wanted to lock in a low, long term rate at 75% of the appraised value. CMFC financed the project with a 5.5% rate fixed for 10 years for $4M.
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