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$1,500,000 Non-Recourse Rate & Term Office Refinance; Southern California

Rate: 2.77% Fixed
Term: Seven Years
Amortization: 30 Years
LTV: 60%
Recourse: Entity Level Only inclusive of Carve-Outs
Loan Fee: 25 Basis Points

Transaction Description:

George Smith Partners placed the non-recourse refinance of a Southern California single-tenant office and instruction center owned and operated by a 501c3 approved charity. This office is configured for classroom training, instruction and traditional administrative office use. Deemed an essential business, operations were never delayed as a result of the COVID-19 pandemic. Due to the ownership structure, there is no recourse or carve-out guarantees beyond the charity entity. The cash neutral loan financed all closing costs and reduced the Borrowers’ mortgage constant by 190 basis points for significantly improved cash flow.

Advisors

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