Deal: Evergreen Business Center
Location: Everett, WA
Collateral: Well maintained, 97% occupied, 51,000 s.f. multi-tenant office building built in 1978.
Amount: $1,500,000
Type: Additional Advance
Purpose: Over time, the owner of this property had experienced substantial value appreciation and wanted to explore the possibility of additional debt to reimburse the ownership group for some tenant improvement costs they had incurred. We approached our lender that they agreed to make a fully-amortizing additional advance that matched the term of the existing mortgage.