– 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)