LFB successfully arranged and structured the refinance and loan modification on an industrial building in Los Angeles that is leased to a cannabis tenant. LFB had previously arranged a second trust deed in the amount of $3,250,000 earlier in the year for this same property. The second trust deed was used to complete necessary tenant improvements as required per the underlying lease with Tenant. Such improvements included solar on both the building’s roof and to-be-built carports, along with interior and exterior improvements to modernize and secure the property.
With the need to refinance the existing senior loan, LFB worked with the second trust deed investors to modify their position by resizing their loan. The refinance of the senior loan by the existing second trust deed investors created a new, modified first trust deed in the amount of $5,650,000. The loan is interest only for a period of 5 years.