| 4C - Single tenant with lease > 30% NRA expiring in the next 6 months. The loan is secured by a 25,500 sf retail property in San Clemente, CA built in 1971 and renovated in 2000. The property was inspected on 10/17/08; rated in Good condition. The YE 2008 NCF DSCR is 1.03 with an occupancy of 100%. Lease rollover applies to the single tenant at the property, Big Lots, who occupies 25,500 sf with a lease expiring on 01/31/2010. Bwr indicated that it is their understanding that Big Lots plans to renew. Per Bwr, Big Lots has 2 five year options to renew and the rent on the first option according to the lease shall be $26,137.50. Bank of America will continue to monitor the loan.
|
