| Transaction Description: |
| $4,650,000 (70% LTV, 9.25% Debt Constant) for the Refinance of an Office Building in West Los Angeles, CA. GSP secured financing for a very experienced property owner/developer for the refinance of an 85% occupied office building totaling 18,616 sq. ft. in West Los Angeles, CA. |
Challenge: At the time GSP began marketing the transaction, the property was only 50% occupied. In addition, all tenants are on short-term leases. |
Solution: GSP worked with the Borrower to improve the property’s marketability and identified a lender able to offer an extremely competitive floating-rate quote with a 5 year term. The lender also offered the option to fix the rate at the same spread over the 5 year Swap Rate. GSP gave the lender comfort by providing market rent comparables proving that short-term leases are in line with the small suite sizes at the property. |
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