Asset Level Capital Debt

Client: A New York City based real estate operator founded in 1975.

Situation: The operator owns and operates a multi-story commercial building with 750,000 square feet of rentable space of which 33% is comprised of retail space and 67% is comprised of industrial space. The subject is currently 95% occupied.

Capital Needs: The client needs RCM to obtain $60 million of debt to refinance their existing mortgage maturing in August 2009.  While the property is 95% occupied, many of the leases are below market and given current lending constraints, all of the quotes provided to the operator by relationship banks fall short of their $60 million outstanding loan.

Solution: RCM obtained two commitments from lenders for the full $60 million. Each commitment was non-recourse to the borrower.