$15,000,000 Retail/ Mixed use letter of credit 100% of cost, 65% LTV, 1% Interest rate

Structured acquisition financing to purchase a 4.5-acre in-fill site with an effective 1% annual interest rate. Existing improvements were functionally obsolete and the seller desired to remain in occupancy until relocation to the new facility. Our commercial real estate property management customer took title to the property and gave the seller a Letter of Credit, to be cashed upon earlier of 2 years or when seller vacates the property. The LC fee was 1% per year.