St. Louis, MO
$30,000,000 Acquisition Loan for a GSA Office Portfolio of Three Separate Buildings. Seller was a pension fund and our client was given only 55 days to close all three properties. Each building had one single GSA tenant with varying lease maturities. Two deals were bond financed and one was conventional. The Borrowers were overseas and there was a 10-hour time differential. In order to get the bond financing to work, the GSA leases needed modification. The blended loan-to-value was 93%. The bond deals were fixed over the 10-year treasury and the conventional deal was a LIBOR floater. The deal closed on time with two different lenders.