IMC provided a $5,100,000 loan on a central New Jersey office complex that was 63% occupied at the time of closing. The Sponsors were buying the asset from an institutional fund that saw the asset as too small and non-core.
IMC provided a floating rate 80% Loan-To-Cost loan.
The Sponsors had substantial leasing experience and the excellent location defied the occupancy rate at the time of closing and mitigated the low debt yield at closing.
