OFFICE PROPERTIES

Underwriting Parameters

Term:

10 Year Fixed Rate Loan Term.

Amortization:

30 Year Amortization

Loan to Value

85% Maximum

Debt Service:

1.20 Minimum

Preferred Properties:

Age & Condition:

20 years old or less. Older properties with material renovations are acceptable. Regardless of age, all properties should be in average to good condition.
 

Construction:

Steel frame with masonry or better wall construction and attractive common areas. Typically the minimum acceptable building size is 50,000 square feet.
 

Leasing:

Lease expirations should not exceed 25% in any one year with the predominance of leases being for three year terms with triple net or providing for protection against increases in operating expenses. Single tenant buildings considered subject to specific tenant credit requirements
 

Tenancy:

25% nationally recognized tenants, with no significant space occupied as shared office suites.
 

Parking:

One space per 250 square feet: and parking should be in proportion with competitive properties. If onsite parking is not available, adequate facilities must be located within walking distance of the property.
 

Location:

Within established office parks or active business districts developed with supporting uses such as hotels, restaurants, banks, etc. Access and visibility from a main road.
 

Market:

Should be stable or exhibit positive economic and demographic indicators.
 

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