January 31, 2024

The tenant on this STNL deal is Liberty Dialysis. The lease was guaranteed by Fresenius, an investment-grade tenant rated BBB by S&P. The 7,600-s.f. property was built in 2015. The Class B asset was owned free and clear. The borrower wanted a non-recourse or limited recourse loan for the maximum possible term. Many lenders have a policy against cash out. If the loan amount was $1, it was a cash-out event. Bison Financial Group, who arranged the deal, needed to find a lender that was comfortable with this fact pattern and based the loan on the value of the property. More