StackSource Capital Advisor Huber Bongolan successfully placed permanent financing for a 115,000 square foot, single tenant office property located in Sacramento, CA. This property serves as the Headquarters to California's National Guard and is strategically located only minutes from the state's government-centered downtown.
Since it was important to the deal sponsor to have a very friendly prepayment penalty, StackSource was able to source funds by coordinating a syndication among four credit unions. A syndication was needed because the $18,760,000 loan amount was too large for any one credit union in the region to lend on their own. StackSource was able to source relationships comfortable with the relatively short lease term and the binary risk inherent in a single tenant transaction (either the tenant stays or the building is 100% vacant). The 70% LTV loan features a 3.99% fixed rate for 4 year term amortized over 25 years.