Loan Arranged for Business Park

AMERICAN FORK, UTAH—Churchill Commercial Capital, Inc. (Cynthia Hammond, CMB, president, Tom Ryan Vice President) has arranged a $36.5 million first mortgage and $4 million mezzanine loan secured by the 100% leased North Pointe Business Park Buildings C, D and E in American Fork. In addition to the debt, replacement equity for the ownership was arranged by Churchill. The loans were funded by a major investment bank and separate hedge fund for North Pointe Buildings, LLC, paying off existing lenders in full.

The sponsor Robinson Brothers Construction developed the five building, 344,250 square foot North Pointe Business Park. The firm originally came to Churchill to refinance Building C, a single, 78,350 square foot, 88% leased, dual tenant class A office building. This dual tenant building became single tenant within months, as one of the occupants gave notice to vacate. With a rapidly approaching loan maturity, Churchill secured an extension of the bank loan. Churchill then recommended adding to the loan the adjacent 75,500 square foot similar property, Building D, in order to increase overall