A complicated asset to underwrite following Covid-19 and the new working from home trends, but Cohort understood the underlying strategy and backed the borrower’s acquisition of the multi-tenanted office building

The property, which is in an area undergoing significant change, is spread over 150,000 sq. ft GIA

The stretched senior loan gave the sponsor sufficient leverage to acquire and implement the strategy day one rather than capitalising on the future cashflow off the rental income. The facility also contained flexible PIK amounts.