Check Out the Private Public Partnership project examples

Public-Private Partnerships

Public-Private Partnerships offer many financing options:

Credit Tenant Lease (CTL) ~100% Loan-to-Cost
C-PACE (bridging traditional debt/equity structures)
Sale-Leaseback/Build-to-Suit Leaseback

Here are some CTL examples from our preferred lenders:

County of Kings (Hanford, CA)

As a Lessee of an Office Building

$22,403,000
Credit Tenant Loan
Pass-Through Trust Certificates

Overview

CTL acted as the placement agent for the debt financing of a to‐be‐renovated two-story office building consisting of approximately 43,781 rentable square feet on a two-acre plot of land in Hanford, California. The Property will be fully revitalized to house the Behavioral Health Department and the Human Services Agency for the County of Kings.

Financing Highlights

County of Kings (with a rating of “A” From Standard & Poor’s “A2” by Moody’s) as Lessee
26.2‐year Term / 17.6‐year Average Life
1.01x Debt Service Coverage
Loan to Value: 90.7%

Baa2 Rated City

As a Tenant of Three Government Services Facilities

$144,123,000
Credit Tenant Loan
Pass-Through Trust Certificates

Overview

CTL acted as the placement agent for three (3) to‐be‐built municipal buildings of approximately 63,650 square feet located on three sites totaling 2.38‐acre parcels.

Financing Highlights

The Tenant was a City with a Rating of Baa2 by Moody’s
22.3‐year Term / 14.7‐year Average Life
1.00x Debt Service Coverage
Construction was Mitigated by a Date-specific Rent Commencement Agreement
Lease was Considered an Installment Purchase Contract Whereby Ownership of the Assets Reverted to the Municipality at the End of the Term

Baa2 Rated City

As Tenant of a Police and Fire Training Facility

$168,948,000
Credit Tenant Loan
Pass-Through Trust Certificates

Overview

CTL acted as the placement agent for to‐be‐built municipal police and fire training facility consisting of 100,000 square feet located on a 1.9‐acre parcel of land.

Financing Highlights

The Tenant was a City with a Rating of Baa2 by Moody’s
22.6‐year Term / 16.2‐year Average Life
1.00x Debt Service Coverage
94.0% Loan‐to‐value Ratio
Construction was Mitigated by a Date-specific Rent Commencement Agreement
Lease was Considered an Installment Purchase Contract Whereby Ownership of the Assets Reverted to the Municipality at the End of the Term

Happy smiling multi ethnic business team in office

State of Oregon (Klamath Falls)

As Lessee of an Office Building

$38,064,000
Credit Tenant Loan
Pass-Through Trust Certificates

Overview

Debt financing of a to‐be‐built 3‐story Department of Human Services building consisting of approximately 92,000 rentable square feet on three adjacent parcels totaling 3.93 acres of land and parking in Klamath Falls, Oregon.

Financing Highlights

State of Oregon with a Rating of "AA+" by Standard & Poor's and "Aa1" by Moody’s as Lessee
21.3‐year Term / 13.6‐year Average Life
1.05x Debt Service Coverage
85.6% Loan‐to‐value Ratio

State of Oregon (Gresham)

As Lessee of an Office Building

$38,568,000
Credit Tenant Loan
Pass-Through Trust Certificates

Overview

Debt financing of a to‐be‐built 3‐story Department of Human Services building consisting of approximately 95,901 rentable square feet on a 5.51‐acre parcel of land and parking in Gresham, Oregon.

Financing Highlights

State of Oregon with a Rating of "AA+" by Standard & Poor's and "Aa1" by Moody’s as Lessee
21.4‐year Term / 15.1‐year Average Life
1.05x Debt Service Coverage
98.2% Loan‐to‐value Ratio

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