| Transaction Description: |
| $19,550,000 (92% LTV) Five Year Fixed Rate Bridge Non-Recourse Loan for the Acquisition of a 120,014 Sq. Ft. Office Building in Englewood, Colorado. GSP arranged the fixed rate bridge financing for a 120,014 sq. ft. office building in the Denver sub-market of Englewood. |
Challenge: The Property is currently 76% leased, approximately 55% occupied and expects significant lease roll in 2008. The largest tenant does not occupy 50% of its space and its lease expires in September 2008. Cash flow from the property supports a 1.13 interest only debt coverage at closing prior to any tenant lease expirations. |
Solution: GSP structured a $2,870,000 earn-out reserve to fund tenant improvement and leasing commissions over the stabilization period. |
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| Rate: 5 Yr T + 2.10% |
| Term: 5 Yrs |
| Amort: Interest Only |
| DCR: 1.13 I/O at funding |
| Prepayment: 2 yr lock-out, then open to prepayment at par |
| Non-recourse |
| Lender Fee: 0.20% |
Key Players: Gary E. Mozer, Larry Wilemon, David Bierman
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