Capital Source of the Week - Lost Cost Non-Recourse Cash-Out / Refi

We recently went under application with a cash-out refinace of a 30,000 ft2 office building with a rate under 4%!  This is non-recourse for a 11-year balloon loan (it would have been 10-years but it worked out as 11 years due to a special circumstance).   Even though the majority of tenants were newly leased start-up companies, the lender aggresively pursued the deal because of its excellent location, diversified tenant mix, and turn-key spaces in a great building.