The recourse loan has a two-year initial term and a one-year extension option. The interest rate is less than 150 basis over LIBOR. One of the brokers in the deal, Mark Wolf of Johnson Capital's Irvine Office tells GlobeSt.com that the interest rate is well below current market rates, which are currently 175 points to 225 points over LIBOR.

"We caught the market right, just before things started to get shaky," Wolf says. "The quality of the borrower also had a lot to do with it."

In addition to the 100% financing, another interesting part of the deal is how Charter dealt with the land prior to the financing. Charter Properties sold the entire property to Lowe's in a deal that included a re-purchase option that the aforementioned acquisition and development loan allowed Charter to exercise. "(Charter) is a savvy developer that wasn't quite sure what it was going to do with the rest of the land," Wolf says. "So it got (Lowe's) to carry the land on their balance sheet until he figured out his approach."