State of California ‒ Highway Patrol

Mojave, CA


Forward commitment to fund CTL Private Placement Bond upon completion.
  • Forward funding with monthly extensions at borrower’s option
  • Modified gross lease underwritten to a 1.05x DSCR
  • Highly specialized facility in a remote location
  • Lease payments made from California’s gas tax (appropriations risk)
  • Lease contained rent abatement clauses for failure to achieve LEED and ESA certification