$15,000,000 Ten-Year Permanent Cash-Out Financing on a Newly Built Inland Empire Truck Terminal with a Single Tenant on a Five-Year Lease

GSP successfully placed the cash-out, partial-recourse, refinance loan for a 100% leased single-tenant truck terminal industrial facility in Fontana, California. The financing allows the sponsor to retire its construction loan on the asset, lock in a low 4.43% fixed coupon for 10 years, and provide an immediate return of equity. GSP was able to identify a lender that was comfortable with structuring a 10-year loan term despite the tenant’s five-year lease term by underwriting the income associated with the tenant exercising its two five-year extension options. The interest rate is fixed at 4.43% for a ten-year term on an interest only basis for the initial two years then amortizes thereafter.