$170,500,000 PERMANENT MORTGAGE AND MEZZANINE FINANCING

BlueStone secured capital for the recapitalization of two class-A office buildings in central Florida. The owner’s original goal was to secure a new equity investor to buy out their existing partners in the property. BlueStone determined a more advantageous approach: we restructured the deal and showed that the building was worth 20% more than the closest comparables in central and eastern Florida markets. We then leveraged the newly established value to support sufficient debt capital to buy out the existing partners, while allowing the owners to control 100% of the building and saving $1MM in interest expense per year. BlueStone secured $170,500,000 comprised of $137,000,000 in a senior fixed rate mortgage at 5.75% for a 10-year term, 2-year I/O, and 30-year amortization thereafter, plus $32,500,000 mezzanine financing at 11%, bringing the total leverage to 90% loan-to-value (LTV).