250,095 SF Office Building Market & Financial Due Diligence

MANSARD conducted in depth due diligence and valuation services for private equity client considering the acquisition of a $20 million real estate loan secured by a 250,095 SF office building in Syracuse, New York.  The problem was that that building was 81% vacant and was on a near term municipal land lease with an expiring TIF package.  MANSARD reviewed prior studies and collateral related to the subject property; visited the subject property’ analyzed the rent roll and historical income and expenses; and evaluated the physical and locational attributes of the property in the context of the competitive market.  MANSARD advised the private equity client not by buy the asset because the collateral value as at 15% of the face note value and the uncertainties of TIF expiration and future municial land lease terms could expose the client to unnecessary risk. Contact MANSARD

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