$14,100,000 Cash-Out Re-Finance of an 83% Leased Multi-Tenant Industrial Business Park

Transaction Description: George Smith Partners successfully structured the cash-out non-recourse refinance of an 83% leased multi-tenant industrial business park. The Sponsor originally acquired the non-performing asset in 2014 and successfully executed their reposition plan; increasing physical occupancy and stabilizing cash flow. With the continued leasing velocity, the Borrower requested the opportunity to continue to capitalize on the remaining upside. This new financing structure provided an immediate return of equity while creating a floating rate debt stack with full flexibility and a limited reserve for tenant improvements and leasing commissions. Floating at LIBOR+3.50%, the three year term carries a 4.25% floor. There are two (2) one-year extensions, with no exit fee, and open to prepayment any time at par.