Mesquite Street Properties

Project Description

Mixed-Use/Commercial – Corpus Christi, TX

• Status: Performing
• Position: First Lien
• Loan Type: Acquisition
• Current Loan Balance: $929,837
• Fully Committed Loan Amount: $944,700
• Appraised Value: $1,997,476
• Loan to Value Ratio: 47.3%
• Current Interest Rate: 10.25%
• Interest Rate Index: Fixed
• Interest Rate Floor: n/a
• Origination Date: April 25, 2019
• Maturity Date: April 1, 2021
• Term: 23 months
• % of Portfolio: 1.2%

Mesquite Street Properties is a mixed-use development that consist of two buildings that include restaurant space, office space, and residential apartments. The borrower is working to increase the office space occupancy with the intent of selling the buildings. We have prepared a short-term renewal to allow time for the sale of the property.