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Felt Building Transaction
1. Funded Loan
Salt Lake City, UT
Class B historic office building
$4.2 million total loan
commitment
— $3.1 million initial funding for
acquisition
— $940,000 TI/LC facility
— $185,000 CapEx facility
65% occupied at closing
Property is listed in the National
Register of Historic Places
Previous owners were
inexperienced and
undercapitalized operators, so
tenancy declined
Non-Recourse
3-year term plus extensions