December 2014DEAL OF THE MONTH
Office Building in Texas
150,000 SF office building located in Texas, within the Texas Medical Center. It was previously occupied by a single tenant that terminated its lease, leaving the building 100% vacant.
150,000 SF office building located in Houston Texas, within the Texas Medical Center. It was previously occupied by a single tenant. Upon lease termination, the $33,500,000 went into payment default and the new value of the property was appraised at $11,500,000. The Borrower was a 28 member TIC.
The Note Buyer put up
of the Capital Needed
Along with Borrower’s Agent, 1st Service Solutions identified a party (Note Buyer) willing to cooperatively purchase the Note from the Special Servicer and subsequently transact a foreclosure exchange whereby the current Borrower was able to retain an equity piece, as well as protect some of their tax positions.
The Note Buyer put up 100% of the needed capital to purchase the Note and attributed value to the current Borrower relative to their cooperation.