$10,250,000 Permanent Financing for 100,000 SF Grocery Anchored Shopping Center; Northern California

Transaction Description:

George Smith Partners arranged 5 year, permanent, non-recourse, interest only financing for an 85% occupied, multi-tenant shopping center in Northern California. The Property is a neighborhood center with 20 tenants and anchored by an independent grocery chain with about 20 locations in 5 states. The grocer has a long history at the center with over 25 years and multiple lease renewals. Other tenants include a mix of local and national chain restaurants, dental care, hair care, and a pre-school. The Sponsor was able to execute new financing near their existing loan maturity. Choosing a 5 year structure allows flexibility in the next 3 or 4 years and minimize prepayment costs. The CMBS financing allowed for a cash-neutral, non-recourse refinance in a volatile capital markets environment.

  • Rate: 7.88%
  • Term: 5 Years Fixed
  • Amortization: Interest Only
  • LTV: 50%
  • Prepayment: Defeasance
  • Lender Fee: 1%
  • Guaranty: Recourse

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