$13,400,000

Transaction Description:

George Smith Partners successfully closed $13,400,000 in refinancing for a shadow-anchored shopping center in a Western State. The transaction involved a neighborhood retail center with a vacant shadow anchor space previously occupied by a big-box retailer, presenting a non-traditional credit profile. 

GSP identified a non-recourse life-company capital source that understood retail underwriting, focusing on the property’s strong inline tenant mix, location fundamentals, and Sponsor capability. The financing provided the client with significant cash-out proceeds for the purchase of an additional pad space that is currently vacant. The financing included a year of interest-only as the Sponsor leases up the new pad and stabilizes cash flow.