“We were very aggressive in pursuing the deal and convincing the sponsor and the broker we were comfortable with the vacancy and able to close the deal,” Fishbach tells GlobeSt.com. “We’ll finance vacant properties with good real estate and good sponsorship. We saw the opportunity to do a deal with a respected sponsor on a brand new property in the best submarket. That’s the reason we were willing, as a lender, to take on the vacancy risk.”

Although Fishbach declines to discuss loan specifics with GlobeSt.com, he explains the floating-rate loan is non-recourse, has a term of about three years and is interest-only. “The loan provided an advance against the acquisition price and further money for TI and leasing commissions,” he adds. “The reset basis in the building provides Brookfield with some level of competitive advantage as it relates to lease rates.”

This loan is the first property that Mesa West has financed for Brookfield. Moreover, it represents one of the few deals the lender has done in the Metroplex. “Historically we’ve not done a lot of loans in Dallas-Fort Worth,” Fishbach notes. “But in order to do this deal, we had to invest a lot of time in understanding the market. This deal demonstrates our willingness and ability to invest there.”