A purchase transaction for a beautiful mixed use building located in Perris Ca. The property was being purchased by clients of ours who were in a 101 exchange
At the time the property went under contract greater than half of the commercial fronts were vacant, but fortunately a charter school came in and leased out all vacant spaces. The property was newer built and there still was some remaining work that needed to be completed before close of escrow.
ALB Commercial Capital structured a 3 yr interest only loan for the borrower with a very minimal prepay penalty. This allowed the borrower to acquire then start working on increasing the property cash flow with intentions of refinancing out in 3 years.