Terms of the Refinance Deal
Property Name: FranklinCovey Corporate Campus
Property Type: Five Building Complex
Location: Decker Lake Business Park
Salt Lake City, Utah
Title: Fee Simple
Term of Loan: 20 Years
Scheduled NOI: $3,044,631 annually for first 5 years, escalating at 2% annually thereafter
Price/Value: $33,830,000
Loan-to-Value: 50%
Cap Rate: 9%
Interest Rate: 6.5% amortized annually
Exhibit 6
Terms of Sale/Leaseback
Property Name: FranklinCovey Corporate Campus
Property Type: Five Building Complex
Location: Decker Lake Business Park
Salt Lake City, Utah
Size: Franklin Building: 158,802 sq. ft.
Adams Building: 48,910 sq. ft.
Washington Building: 31,925 sq. ft.
Jefferson Building: 25,000 sq. ft.
Patrick Henry Building: 47,090 sq. ft.
Total: 311,727 sq. ft.
Parking: 1,091 surface parking stalls
Land Area: 21.7 acres
Title: Fee Simple
Occupancy: 100% with 20-year lease
Term of Loan: 20 Years
Scheduled NOI: $3,044,631 annually for first 5 years, escalating at 2% annually thereafter.
Rental Rate PSF: 9.76 triple net
Price/Value: $33,830,000
Price PSF: $108.52
Cap Rate: 9%
Co-Broker Fee: None
Investment Highlights
Quality triple-net opportunity.
New 20-year master lease.
Annual rent increases of 2% beginning in Year 6.
Dynamic market area.