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» $7 Million - Office Building, Santa Fe, NM

Posted by Loan Closed

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Our borrower was under contract to purchase this vacant office building in Santa-Fe, NM. While under contract our borrower responded to a Request For Proposal from the State of New Mexico Human Services Division which resulted in a new 10-year lease, to be signed and in escrow prior to closing this loan. Avatar was able to value the property based upon the As Proposed Leased Fee on the projected date of completion of renovations. The business plan is to install the tenant and replace this bridge loan with a new 10-year permanent loan with the first year.

  • Loan Amount: $7,000,000
  • Interest Rate: 8.5%
  • Term: 24 months
  • LTV: 66%



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