Amount: $3,000,000 • CLTV: 85% • Rate: 8%
Property
A vacant big-box retail building in the Chicago area, with additional buildable area for expansion.
Scenario
The sponsor was buying the building to convert it to self-storage and wanted to keep equity in the deal. Park 49 arranged $3 million of preferred equity behind the existing senior loan, taking the stack to 85% CLTV at 8% fixed. That filled the gap to close the purchase and start the conversion without crowding out the sponsor’s return.