Structured and arranged long-term, fixed-rate senior debt to recapitalize a 140,000-square-foot, multi-tenant office building in Houston, TX.
Challenges
Contending with a looming loan maturity and several leases coming due, the borrower was seeking to lock in a long-term, fixed-rate loan on a non-recourse basis. Furthermore, volatility in the bond markets was causing swaps and spreads to fluctuate during the closing process, impacting underwriting thresholds.
