Transaction Overview
George Smith Partners successfully arranged a $20MM bridge financing secured by the retail interest at 166 Geary Street in San Francisco, CA. The Sponsor originally acquired the property on an all-cash basis through a foreclosure after purchasing a nonperforming CMBS loan. As an existing tenant in the building, the Sponsor is expanding its footprint to occupy 85% of the building's retail GLA and will execute a new lease at market rent. The remaining two ground-floor suites will also be leased at market rates. Loan proceeds will be used to reconfigure the existing space, deliver the two remaining suites in white-box condition, and provide the borrower with a significant cash-out.
