Goldenrod Debt Solutions Fund has funded a three-year bridge loan in the amount of $5.3 million to refinance existing long-term debt and fund tenant improvements and leasing commissions associated with re-tenanting Three Pine Ridge Plaza, a four-story 62,000 SF class B office building located in a mature office park in suburban Kansas City. Built in 1986, the interior of the property was recently renovated but suffered the loss of two major tenants in 2019,prompting the need for fresh capital to fund re-tenanting costs. Prior to closing the sponsor executed a lease with a large credit tenant to occupy the third floor of the building and the property is expected to achieve stabilization within the first year of the loan term. The fixed-rate loan represents 64% LTV.
