Posted by Johnathon on July 12, 2008 at 20:25:44:
Sorry, but this IS a spec deal.It has no cash pre-determined flow. Ex-banker.
Class A office seeks “REAL” Lender - Posted by Tom
Posted by Tom on June 20, 2008 at 12:02:55:
Let’s see what happens…
I am a developer with an approved site plan, all infrastructure in place, NPDES and grading permit issued. Site brought to sub-grade. Geotech done and architecturals done. Ready to order steel and go vertical. The project is a 70,000 square foot Class A office building. Very energy efficient and high ANSI/BOMA yield ~92% Target market is “Expanding” GSA/FED tenants.
They will not prelease due to expanding criteria. Window they seek is 90-120 days from property identification to occupancy. In other words, if it’s not built then they can’t consider it for expansion purposes. Ground level is store front commercial/retail. Easy to lease.
Market rents are 19-21.00/ft. This is a sweet deal, but the banks see it as SPEC. Plenty of equity in contiguous property which consists of ~23 acres in a TIF district.
I seek a lender or lender with JV appetite.
Re: Class A office seeks “REAL” Lender - Posted by cam
Posted by cam on June 22, 2008 at 10:35:01:
I am assuming there is no pre-leasing of the retail space either.
Difficult to answer based on the information provided.
It will depend on:
Area/absorption for this type of building
LTC
LTV stabilized to market
Value of contiguous land
Personal financial strength of developers