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)

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