- Rate: 3.75% + 1-Month LIBOR
- Term: 3 Years + 2, 1-Year Extension Options
- Amortization: Interest-Only During Initial Term, 30-Year Amortization Schedule During Extension Period
- LTC/LTV: 66% of cost/53% as-stabilized value
- Prepayment: 15-month spread maintenance
- Guarantee: Non-Recourse
George Smith Partners successfully arranged non-recourse, floating-rate bridge debt on an 85%+ occupied but under performing portfolio of multi-tenant office properties located in Orange County. The portfolio includes four newly acquired office properties and the retiring of a loan encumbering a fifth office property owned by the client. Proceeds of the loan will be used to reposition all of the properties through the implementation of a strategic renovation and leasing program. In addition, the terms of the loan provide the partnership with the autonomy to execute its value-add strategy as well as the flexibility to distribute operating cash flow along with net sales proceeds resulting from the sale of properties thereby maximizing the portfolio-level returns.