Santa Barbara, CA $32,900,000 ~274,945 SF Retail Ground Lease Senior Mortgage Participation (A-Note)

Knighthead acquired a $32.9mm senior participation interest (A-Note) in a $47mm First Mortgage loan.  The loan is secured by ~15.5 acres of land containing ~274,945 SF of retail and subject to 2 NNN ground leases located in Santa Barbara, CA. The senior participation was underwritten to an ~35% “As-is” Value.