Acquisition, maturity takeout, repositioning, lease-up and conversion on Class A through C.
Office is where the market dislocated and where the opportunity is, which means the financing has to be written on where the building is going rather than where it has been. Class A through C, medical and professional, creative and flex, CBD and suburban, single and multi-tenant.
18 programs placed on this asset class, with the published size range on each. Everything here is business purpose, written to an entity, non-owner-occupied.
| Program | What it covers | Size |
|---|---|---|
| Office & Mixed-Use | Class A through C, medical and professional, creative and flex, CBD and suburban, single and multi-tenant. Acquisition, maturity takeout, cash-out, value-add and repositioning, tenant improvement and leasing commission capital, lease-up on vacancy, conversion to residential or storage, and note purchase where the debt trades below the building. | $1M to $150M+ |
| Medical Office & Ambulatory Care | Medical office buildings, ambulatory surgery centers, dialysis, imaging, urgent care and dental. Acquisition, refinance, cash-out and tenant improvement capital. Placed with lenders who read tenant credit, referral base and lease term instead of treating the building as generic office. | $1M to $100M+ |
| Commercial Bridge | Acquisitions, refinances, cash-out, value-add, and 1031 exchanges across all commercial property types. Close in as little as 7 to 21 days with asset-based underwriting and up to 75% LTV. | $100K to $100M+ |
| Value-Add / Rehab Bridge | Properties needing light to heavy renovation. Pre-stabilization financing to fund the acquisition and the rehab. | $100K to $20M+ |
| CO Takeout & Pre-Stabilization | The gap between certificate of occupancy and stabilized numbers, where the construction lender wants out and the perm lender wants twelve months of history. Lenders who will fund at CO on an unstabilized hotel with no trailing operating statements. | $1M to $100M+ |
| Adaptive Reuse & Conversion | Office, hotel and institutional buildings converted to residential. Underwritten on the completed use rather than the current one. | $2M to $150M+ |
| Commercial Ground-Up | New multifamily, hotel, office, industrial, retail, mixed-use, and ALF projects. For experienced sponsors looking to build from the ground up. | $1M to $300M+ |
| Construction Completion Loans | Projects 65 to 99 percent built that ran out of money: cost overruns, a construction lender that stopped funding, contractor liens, or a partner who walked. Proceeds finish the building and retire the existing construction loan. | $1M to $100M+ |
| CMBS / Conduit | Stabilized commercial properties across all major asset types. Fixed rate, non-recourse financing. | $2M to $200M+ |
| Life Company Permanent | The lowest fixed rates for stabilized CRE at 90%+ occupancy. 10 to 30 year terms at 55 to 65% LTV. The most thorough underwriting in the market. | $5M to $500M+ |
| Mezzanine Debt | Gap financing behind the senior loan. Second position capital for higher leverage deals when the first mortgage isn't enough. | $1M to $100M+ |
| Preferred Equity | Not debt. An equity position with a preferred return. No intercreditor agreement required, which means faster execution than traditional mezzanine. | $1M to $70M+ |
| Note Purchase / Loan Acquisition | Capital to purchase performing, sub-performing, and non-performing notes secured by commercial real estate. Single-asset notes and portfolio sales. We work directly with NPL buyers, special servicers, and discretionary opportunistic credit funds that buy paper, foreclose if required, and execute the workout. | $1M to $500M+ |
| Bank Exit & Non-Renewal Payoff | For owners whose bank will not renew, has called the note, or has agreed to a discounted payoff. Settlement payoffs, maturity takeouts, forbearance exits, and refinances where the existing lender wants out quickly. | $1M to $25M |
| DPO & Discounted Payoff Capital | Capital for sponsors negotiating a discounted payoff with their existing senior lender. Bridges the gap between the discounted payoff amount and the new sponsor capital structure. Coordinated with workout counsel and the existing servicer. | $2M to $100M+ |
| Owner-Occupied Cash-Out | Equity out of the building your business operates from, underwritten on the property and the operating company together, including affiliate leases stated up front. | $500K to $25M |
| Sale-Leaseback | Owner-operators converting owned real estate into working capital while staying in occupancy. Full capital release at market value, structured with a long lease term and defined renewal options. Common on acquisition, recapitalization, and partner buyout. | $1M to $150M+ |
| SBA 504 | Owner-occupied commercial real estate and equipment. Lower rates, longer terms. Also available through CDFIs for more flexible underwriting. | Up to $13M |
Can you still finance office buildings?
Yes. Acquisition, maturity takeout, cash-out, value-add and repositioning, tenant improvement and leasing commission capital, lease-up on vacancy, conversion to residential or storage, and note purchase where the debt trades below the building. $1,000,000 to $150,000,000.
What about a building with real vacancy?
Vacancy is underwritten to the stabilized exit rather than trailing occupancy, with the tenant improvement and leasing commission dollars committed at closing and drawn as space is leased, so the sponsor is not back in the market for the second half of the money.
Do you finance office to residential conversion?
Yes, as its own product rather than as an exception to a construction program. Office to apartment or condominium, and office to self-storage or flex, with historic tax credit and state incentive layers accommodated in the structure.
Can you take out a maturing office loan the bank will not renew?
Yes. Maturity takeouts, forbearance exits, special assets payoffs and discounted payoff financing are a core use, including loans already in default.
Do you finance medical office?
Yes. Medical and professional office, ambulatory surgical and clinical space, underwritten on the credit of the practice and the lease structure as much as the building.
What does an office file need to be priced?
Location and building class, square footage, rent roll with lease expirations, current occupancy, the loan amount requested, basis or purchase price, existing debt and maturity date, the capital needed for tenant improvement and leasing, and the exit.
An offering memorandum, budget or term sheet in hand is the fastest way to start. Anything you do not have yet can be left blank.