$8,100,000 Forward Commitment for Walmart Grocer Anchored Center in Florida

Rate: 4.70% Fixed for 10 Years
Term: 10 Years
Amortization: 30 Years
LTV: 70%
DCR: 1.35
Prepayment: Yield Maintenance
Guarantee: Non-Recourse

George Smith Partners secured permanent forward commitment financing for a Walmart Neighborhood Market-anchored retail center in Jacksonville, Florida. The 71,000 square foot property was 98% leased at closing. The Walmart Market makes up 57% of the square footage and is on a new 20-year ground lease followed by sixteen, 5-year options. The Tenant built their own store after Sponsor delivered the pad, and opened the store just weeks prior to funding, which the ender required in order to close the loan. GSP sourced a ender that provided a forward commitment. The Lender locked the interest rate in mid-April for a July funding. The Sponsor was able to lock in a rate in advance of a run up in Treasuries. Other tenants include multiple restaurants (both local and chains), hair salon, nail salon, tax service, etc. — a classic “daily needs” retail tenant lineup. The property, which was built in 1990, recently underwent upgrades to the building façade, roofs, and parking lot; it looks like a brand new center. The $8,100,000 loan was sized to 70% of value and has a fixed interest rate of 4.70% for 10 years. It amortizes over a 30-year period, has a yield maintenance prepayment penalty, and is non-recourse.

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