"The biggest hurdle we faced was timing," says Gale & Wentworth's Chris Sameth. "We contacted GE Capital just two weeks before we needed to close the loan."
One immediate challenge for the new owner is to stabilize the property, given that sole tenant CIT is vacating the premises next year. The deal has been structured to take that into account, providing the proceeds of the loan as new leases are signed. At presstime, the new owners were said to be negotiating with two major tenants.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
