CVS Health
Anaheim, CA
$20,550,000
A1/A2 Pari-passu CTL Private Placement Bond financing.
- 29-year CVS lease for an air space parcel on the first floor of a five-story hotel
- 2 pari-passu notes: 29-year A1 Note and 22-year A2 Note
- Lease contained landlord obligations (M&R, structural, insurance, taxes) for entire project - project declaration was amended and hotel owner assumed responsibility and cost for these obligations
- Tenant may abate rent or terminate lease in event of casualty, condemnation or loss of parking
- Use of 1.05x DSCR, gap and rent loss insurance, reserves and limited personal recourse to mitigate risks
