State of California ‒ Highway Patrol
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