The sponsor built this 42′ clear warehouse deal on a spec basis on one of the best sites near the airport in Atlanta. Before completing the site improvements, they landed two long term leases from quality tenants which would occupy 100% of the property. TermSt. worked with the sponsor to obtain a forward rate lock with one of our life insurance lender relationships. The rate was locked nine months prior to the sponsor obtaining the certificate of occupancy and the loan was closed three days after CofO was received.
Life Company, Forward Rate Lock