
HOBBS, NM
$2,715,000
Retail / Acquisition
1st Lien Position
Hobbs, NM
– Acquisition of a single tenant Staples in Hobbs, NM
– There were four (4) years remaining on the lease term
– During escrow, the borrower negotiated a “blend and extend” deal with Staples which extended the term of the lease to ten (10) years
– West Bay underwrote the loan based on the new NOI and longer lease term
– 89% Loan-to-Purchase
– 69% LTV (based on new lease term and lower cap rate)