Harbor Olympic

Service Type: Note Purchase

Client: Harbor Olympic

Client Description: The Company is a real estate holding company with 18 properties in the Seattle/Tacoma metropolitan area: 16 dealer-operated fee sites, 1 real estate development site, and 1 company-operated fee location.

The Trigger:

  • Due to unfortunate circumstances with its fuel supplier, the client became non-compliant with certain loan covenants among its lenders and required assistance to retain its operations and properties.

The Project:

  • The client requested Corner Capital’s assistance with a refinancing and/or restructuring of its senior term debt, to accommodate the re-opening of a number of closed dealer facilities.

The Solution:

  • Corner Capital and the client negotiated a purchase of the loans from the lender as opposed to a refinancing, and Corner Capital and its partner purchased the loans from the bank.

The Result:

  • The loan purchase accommodated the client’s operating plan, and provided measurable performance metrics to allow the Company to successfully execute on its strategy.