Landmark Capital is pleased to announce the successful recapitalization of SOMO Village, a 578,455 square foot flex office campus in Rohnert Park, CA.
Challenges: The property benefitted from a large array of solar panels that reduced utility costs. However, the largest tenant at the property was an extraordinarily high user of power which drove above-market income and value to the property. The financing also included a post closing collateral release of excess land that was planned to be developed at a later date and aOK post closing partnership reorganization.
Solutions: Landmark completed an analysis that showed what a hypothetical replacement user’s effects would be on utility income and expense and how it translated into the proposed financing. Landmark also identified a lender that was comfortable with the subject tenants credit and the post closing collateral release and reorganization. The new financing had a fixed interest rate for 10 years and was non-recourse.