Tenant: Xerox Corporation
Loan Amount: $59,500,000
Loan Type: Permanent Leasehold
Term: 11+ years
Building Location: Palo Alto, CA
Building Size: 200,000 SF +/-
Building Use: Office/Research Facility
- CTL provided a $59,500,000 permanent loan to the borrower backed by a lease to Xerox Corporation of an office/research facility within Stanford Research Park with 10 years remaining (out of an original 30 year term).
- The lease was a NNN lease which allowed CTL Capital to achieve a 1.00x debt coverage on the loan.
- The lease was coterminous with an underlying ground lease.
- CTL Securities structured and placed lease-backed secured notes backed by the rental income in the private placement bond market to institutional investors.