
January 2025
Transaction Description:
George Smith Partners arranged 5-year, permanent, non-recourse, financing for a 98% occupied, multi-tenant shopping center in Orlando, Florida. The Property is a neighborhood center with 26 tenants and is situated in a prime retail corridor in the Orlando market. The Sponsor is a longtime and valued client of GSP. Tenants include a mix of local and national chain restaurants, dental care, hair care, and daily needs services. The Sponsor selected a 5-year term that allows prepayment flexibility after year 2 (see below). The rate was locked in October, just before the spike in Treasury rates. GSP arranged the financing with a lender that allowed flexibility in regard to releasing a portion of the collateral that doesn’t include any of the retail tenants. The Life Company execution allowed for non-recourse refinance within a volatile capital markets environment.
Rate: 5.70%
Term: 5 Years
Amortization: 30 Years
LTV: 60%
Flexible Prepayment: Locked for years 1-2, then 2% year 3, 1% years 4&5
Lender Fee: 0.75%
Guaranty: Non-Recourse