| Transaction Description: |
| $4,900,000 Bridge Financing, 70% LTV, for the Acquisition of a Multi-Tenant Retail Center in Los Angeles, CA. GSP secured financing for a very experienced property owner/developer on this 13,000 sq. ft. complex. |
Challenge: The facility was a little more than 70% vacant at closing, there was an environmental flag, and we had a little more than three weeks to close. The sponsor wanted the deal done as quickly as possible as there was an all cash offer on backup. |
Solution: GSP identified a lender with an extremely competitive quote and was able to quickly acquaint the lender with the market and sponsor. GSP was also able to negotiate higher loan proceeds and a release provision once the property is stabilized. |
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| Rate: 7.25% “all-in” rate |
| Term: 5 yrs |
| Amort: I/O |
| LTV: 70% |
| Recourse |
| Lender Fee: 1.0% |
Key Players: Christian Lawrence
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