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Thursday, August 22, 2024 2:08:36 PM
It just dawned on me why this deal may have recently been structured.
City records (building department) would confirm the certificate of occupancy was approved on the project. NOW, assuming this construction loan was a roll over to a perm at completion. The 10-year clock would start at the time of occupancy or the final property inspection. While its possible the lender rolled over the loan from a construction to a perm once the project reached a "stabilized" (additional time) occupancy. It's more likely they rolled it over at completion with the city building department.
Once you know the completion date, add 10-years and you will come up with a fairly good idea of when this loan is coming due.
It's possible that Parks structured this sale to walk away from a potential "debt relief" tax issue, given he knows that current interest rates will NOT support the estimated $1.5M NOI to pay off the existing $23M loan. Just thinking out loud!
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