The 355,608-sf office building, which is 22% occupied, includes 18,000 sf of retail space and a 489-space parking garage with an additional 453 spots in a separate parking facility.Despite the Valley's soft office market in which vacancy rates topped 18% in 2002, Corus Bank officials felt comfortable with the borrowers plans to fill the building's vacant office space.
"We are pleased to establish a relationship with a borrower who has vast experience in turning around office buildings," said Corus Bank's commercial loan officer, Dave Krischke, adding that the bank offered the borrower a creative loan structure that allowed the deal to close in about one month. Corus Bankshares Inc, part of the NASDAQ Financial 100 Index, is an active construction lender specializing in condominiums, hotel, office and industrial project. It is headquartered in Chicago.
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