Structured and arranged a bridge loan for the acquisition of an owner-occupied, 29,000 square-foot suburban office building in Austin, Texas.
Challenges
The asset was under contract prior to market disruption caused by the global pandemic. The market conditions exhausted a series of purchase contract extensions, and the sponsor possessed a short timeframe to close the transaction once originated. The pre-disruption agreed-upon purchase price created a leverage risk concern for lenders.
