Featured Loans

Point Plaza East: $19,500,000
Dexia provided a $19,500,000 floating rate loan to refinance the existing debt on Point Plaza East in Tumwater, Washington. The subject property consists of three Class A buildings completed in 2002, which comprise 149,800 square feet of office space with surface parking. The property is part of an 11-building office park exclusively devoted to Washington State tenants and is 100% occupied by 4 different agencies of the State of Washington. Tumwater is forty miles south of Seattle, offering easy access to Olympia, the capital city of Washington State and the home of many state agencies. The loan was underwritten to a 56% LTV, with an actual DSCR of 1.45x and was structured on a 24-month interest only term with two 6-month extension options. The sponsor provided 50% recourse on this transaction increasing to 100% recourse during the extension periods. In 2003, Dexia provided the 5-year, $20,700,000 CMBS debt that currently encumbers the property and the borrower sought to refinance the $19,200,000 unpaid principal balance.