Property: Office Building in Texas
Loan Balance: $29 million
Problem: This single-tenant building was 100 percent vacant and the current value of the property was significantly less than the loan. The best solution for the Trust was a DPO, but the borrower did not have the funds to execute the deal.
Solution: A DPO was negotiated for $11 million, and the borrower brought in a buyer for the property. This solution created a win for the buyer, a win for borrower/seller and a win for the Trust.