Deal: Meeker Square
Location: Kent, WA
Collateral: A 137,000sf shopping center positioned at a key corner location in Kent, WA. Although the property was well located, it was in poor condition providing the borrower with the opportunity to redevelop it into a modern shopping center.
Type: Acquisition, Construction & Bridge Loan
Purpose: The borrower wanted to acquire this troubled property (which had environmental and significant deferred maintenance and management issues) through a short sale from the existing lender. He also needed construction proceeds to renovate this tired center. We were able to find a patient lender which was willing to deal with timing issues indicative of short sales, and take the time to understand the environmental issue.