Deal: Quad Building
Location: Lacey, WA
Collateral: A 130,000 sq. ft. 3-building, 4-story, office complex of steel and concrete construction originally built in 1989 – 1993.
Purpose: The borrower acquired this property with cash out of foreclosure, then proceeded to put more cash into renovating and stabilizing the property. What was once a neglected property became a high-quality, Class A asset. Our long term fixed rate loan reimbursed the borrower for most of the cash they put into the property.