$14,850,000 Non-Recourse Cash-Out Retail Refinance

George Smith Partners placed the cash-out refinance of an ethnic grocery & drug anchored retail center located in Southern California. Initially apped for a seven-year term; movement in the capital markets netted an all-in coupon substantially lower for a 10 year fixed period than the applied-for seven year term. Our portfolio capital provider allowed for a free 60 day early rate lock that enabled our Sponsor to lock at the bottom of the treasury market post-Brexit vote. They also extended the loan term an additional three years (floating) so that anchor lease termination does not coincide with the loan termination. There are no lender held tenant improvement/lease commission or on-going capital repair reserves. Fixed at 3.39% for 10 years, the 13 year term non-recourse loan amortizes over 30 years.