$13,200,000
Preferred Equity

Britannia Business Center I

Recapitalization
Britannia Business Center I
Pleasanton, CA
300,000 SF of Office/R&D Space

Principals of Schelin Uldricks & Co. recapitalized and restructured a legacy Tenant-in-Common transaction with a non-recourse bridge loan along with $13.2MM of institutional preferred equity. The transaction included a rollup of the TIC structure, a new sponsor & guarantor, and plans to lease up approximately 30% of the vacant space. The property included credit tenancy, but a concentrated lease expiration schedule in a recovering market.