HENDERSON, NV

$5,000,000

Retail / Acquisition

2nd Lien Position

Henderson, NV

– 105,500 SF shopping center (95% occupied)

– Property was under contract for $16,575,000

– Sponsor had a 1st TD bank loan commitment for $8,072,000. Sponsor also had a 2nd TD bank loan commitment

– Two weeks before the scheduled closing, the senior lender informed the sponsor that they would not allow the subordinate lender to record on the same day as them

– The subordinate lender required that they record on the same day leading to an impasse

– West Bay took the place of the subordinate lender and funded $5,000,000, but did not record

– Within 24 hours, West Bay was paid off by the original 2nd TD lender

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