Geneva provided senior and mezzanine loans in June 2007, to fund the construction of a 1,119,195 SF distribution facility located on 76 acres on the west side of Indianapolis.
The original plan was for the developer to build the building, lease it, and sell the building as soon as possible, based upon its stabilized value. However, just as the tenant took possession of the building in February 2008, the bottom fell out of the CRE market and the developer’s original strategy was no longer workable.
Geneva spent the next 3 ½ years working with the developer and the participating banks to achieve a successful outcome for all parties.
- The loan was kept current and the loan-to-value was brought back to a more acceptable level
- Geneva was able to obtain multiple extensions for the developer
- Both the lender and developer exited this project achieving their original goals
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