Term: 10 Years
Amortization: 10 Years Interest-Only
George Smith Partners arranged a $34,900,000 permanent loan to refinance a 60,834 square foot Class A office building in the heart of the Sunset and Vine office corridor in Hollywood, CA. The Sponsors acquired the property in 2016 with significant deferred maintenance. They completed an extensive facelift and interior renovation to convert it to Class A creative office space. The property is now 100% leased to a single-tenant who will take occupancy in 4Q 2018. GSP’s task was to create a competitive market place in an effort to arrange the lowest-priced and most flexible financing available. The chosen lender loved the opportunity so much, they circumvented the market by offering what many might have perceived as above market terms to capture the business. The loan structure includes 10 years of interest-only, no reserves during the entire loan term, and a fixed rate for 10 years at 4.78%.
- No related financings.