– Vacant Chinese restaurant

– Borrower planned to demolish the existing structure and build two new retail buildings totaling 15,555 square feet

– Project was 65% pre-leased prior to close

– 65% LTC senior bank construction financing

– Borrower wanted to preserve liquidity for other projects but didn’t want to bring in a partner

– Borrower pledged their ownership in the subject property and another property they owned to reduce their cash equity in the deal

– 91% LTC and 67% LTV