GGD Oakdale , LLC., #4438 – WASHINGTON – FUNDED

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GGD Oakdale , LLC., #4438 – WASHINGTON – FUNDED

First Trust Deed collateralized by an approximately 67,200 square foot retail building situated on 3.07 acres of land in Tacoma, WA (about 38 miles south of downtown Seattle, WA). The property was built in 1986 and includes 16,480 square feet of tennis courts. Although the property has been vacant for quite some time, the borrower is acquiring the site with two tenants ready to move in and fully occupy the building. The tennis courts and approximately 10,000 square feet of the main building will be leased to the United States Tennis Association /Pacific Northwest. The term of the lease starts on 12/1/17 when they will begin paying $14,000 in monthly rent for a total of 15 years. The second lease with Fitness Evolution (an affiliated company of the borrower) will begin paying rent on 12/1/17 with monthly rent payments of $22,000. In the unlikely event of default there is an assignment of rents encumbering the property that will cover the $33,505 in monthly interest payments.

Loan Amount: $3,350,000

Yield: 10.5% (Principal Balance ≥ $100,000); 10.25% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.

Term: Six months with one optional six-month extension period at maturity.