A past client of ours had just sold a large Apartment Building and they decided to exchange into Multiple NNN properties located out of state. This Popeyes in Louisiana was the first assignment.
The main challenge in financing this property was the short contingency period that was granted to the buyer. It was very unrealistic, and at best we had to be sure that we had no environmental concerns before the borrower signed off on their loan contingency, because there was no way the appraisal would be completed before the removal of loan contingency.
ALB structured a very competitive loan program for the borrower and we closed the first of 8 deals we are working on for these borrower's as they complete their 1031 exchange.