Transaction Details:
George Smith Partners successfully arranged bridge financing for the lease-up of a medical office building near the brand-new Providence Cedar-Sinai Tarzana Medical Center which opened at the end of 2023. The building was originally traditional office. The Sponsor allowed leases to roll and spent $5mm on an extensive renovation and conversion to 100% medical office. Once the renovation was complete, the Sponsor received significant tenant interest. Now that the building is almost fully leased, the subject loan will allow the Sponsor to complete the tenant improvements and stabilize the property. The subject loan was competitively priced at P+0.25% and provides a mini-perm option once the property is stabilized.
- Rate: Prime + 0.25%
- LTV: 60%
- Term: 3 Years
- Origination Fee: 0.50%
- Exit Fee: None
- Guaranty: Recourse
