$19,200,000

Transaction Description

George Smith Partners successfully closed a fixed-rate refinance of a mixed-use shopping center in an affluent Houston suburb. The transaction provided refinancing to replace an expiring CMBS loan while funding substantial tenant improvement obligations for new leases and renewals. Despite market headwinds in the office and retail sectors, GSP identified a lender that could creatively finance a retail and office property with below market occupancy in today’s challenging lending environment. The deal featured an innovative structure accommodating over $500,000 in unfunded tenant improvement and leasing commission obligations through established reserve accounts.