Eleanor Financial funded 3 industrial buildings located in the Boston MSA area

Continued Eleanor Financial funded 3 industrial buildings located in the Boston MSA area. These loans were structured as 10 year terms with start rates of 3.99 %, fixed 5 years and a reset of 250bps of CMT for the remaining 5 years. The full-recourse loans have a 30 year amortization and no prepayment penalty. These loans had many challenges besides high leverage. The borrower, a local developer had numerous “legacy” issues. After several years vacant, a national tenant recently took 100% occupancy of one of the three buildings. Our borrower utilized all his cash resources i.e. credit cards for TI dollars necessary to attract this quality tenant. Even though this building is now occupied with a good tenant and a long term lease, the developer had cross collateralized all buildings which included a fractured condo project. Due to vacancies and tenant repositioning, the historical numbers for all 3 buildings were lean. Our team completed an extensive due diligence of the market area demonstrating both improved occupancies and the buildings’ current rental rates were below market ensuring future improvement in values. Once the new loans were funded, many of the previous “legacy” issues disappeared when the debt was restructured with an attractive interest rate. Also, some cash reimbursements for the sponsors TI improvements significantly improved the developer’s overall liquidity. Since the area’s office condo market is heating up, the fractured condo project was not an obstacle but a positive as the end-user demand is improving. We even negotiated a release clauses so the developer would no longer be hindered in the future giving him flexibility to expand, sell etc. We were delighted to assist this developer and many others over the years in significantly improving their overall financial profiles. We’re finally seeing in some areas of the US higher leverages (80%) available for investment commercial real estate which is not government guarantee, agency, owner-user or investment grade. This is good news for our high leverage buyers and clients. We also provide permanent financing solutions for all types of commercial assets nationwide including many non-recourse options which are available through our many Life/ CMBS/ Intuitional /REIT/ lenders with flexible terms. If you need a quick close and/or in a distressed situation, we have the solution available through one of our many bridge lending programs. We welcome any inquiries regarding your proposed commercial real estate financing needs. Please call and/or email Kimberly Kirk – kkirk@eleanorfinancial.com 866-732-5626 or Cell: 713-858-5556

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