- Rate: 4.30% Fixed
- Term: 10 Years
- Amortization: 30 Years
- LTV: 65%
- Prepayment Penalty: 5-4-3-2-1 par
- Lender Fee: Par
- Non-Recourse
Transaction Description: George Smith Partners placed the senior non-recourse debt for the refinance of a 33,000 square foot, Pacific Palisades mixed use office & retail property. Sized to 65% of value, the loan is fixed for 5 years at 4.30%, and will float for the remaining 5 years at 310 basis points over the six-month LIBOR, amortized over 30 years. A step-down prepayment penalty is structured from 5% and is open after the 5th year. There was no lender origination fee. Our Borrower acquired the asset less than a year prior to this refinance although Sponsor experience and the T-12 cash flow justified the return of equity.