![](https://www.gspartners.com/wp-content/uploads/2024/03/Bram-7.27.22.jpg)
Transaction Description:
George Smith Partners successfully closed a loan at 60% Loan-to-Value for the acquisition of a neighborhood shopping center in an A+ location in Tucson. The Sponsor was seeking non-recourse financing at the lowest rate. While the Sponsor was purchasing the Property as a long-term hold, the Property had 50% of the tenants rolling within 2 years of acquisition. GSP was able to find a lender that was comfortable with this roll given the strong performance during COVID, leading to a higher chance of lease renewal. While processing the loan, GSP advised the Sponsor to lock the SOFR index prior to the CPE announcement, saving them from a 30-basis point increase to the all-in rate.
- Rate: 5.0%
- Term: 10 Years
- Amortization: 10 Years of Interest-Only
- LTV: 60%
- Prepayment: Defeasance
- Fee: None
- Guaranty: Non-Recourse