| Transaction Description: |
| $8,075,000 Fixed Rate, Non Recourse Permanent Financing for 24,561 Sq. Ft. Shopping Center in San Juan Capistrano, CA. GSP arranged permanent financing for the acquisition of a two story neighborhood shopping center built in 1991. The property is located just east of Interstate 5, off Ortega Highway and Rancho Viejo Road near the Marbella Golf and Country Club and Rancho Madrina development. The successful tenants provide services and merchandise, including Ortega Market and Deli, skin care, sports med, dental, cleaning and storage. There is a moratorium preventing further commercial development in the city, so the location and competitive lock on the east side of the freeway have contributed to the success of this center. The borrower intends to raise rents to market. There are two vacant spaces that the seller has guaranteed to rent (NNN) for one year. Buyer signed a 10-year master lease for these spaces, which will terminate upon new tenants being found. |
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| Rate: 10 Yr T + 1% |
| Term: 10 yrs |
| Amort: Interest Only |
| LTV: 80% |
| DCR: 1.15 |
| Prepayment: Defeasance |
| Non-recourse |
| Lender Fee: Par |
Other: Subordinate Financing Allowed
Key Players: Andrew Levant, Gilda Rivera |
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