Deal: 605 Building
Location: Lacey, WA
Collateral: Four-story, 78,000 s.f., former office building of steel and concrete construction built in 1985. The tenant improvements will completely transform the building into a state-of-the-art, 108-bed behavioral health center.
Purpose: The borrower acquired this empty building with cash and signed a long term lease with a mental health tenant for 100% of the space. This loan reimbursed the borrower for a portion of their acquisition and provided a series of fixed rates which matched the lease term.