Loan type: Permanent Refinance
This refinance of a 60,000 square foot Class A office building was underwritten at 75% loan-to-value and an interest rate of 5.25%. The property was 78% occupied at closing. Since the property is owned in condominium, and some tenants expressed an interest in purchasing their units, RPC was able to negotiate with the lender a provision that 30% of the outstanding loan balance can be paid off annually without penalty. The loan also provided significant cash out to the client.