$19,700,000 (5.69%, 10% Debt Yield) Permanent Financing for Neighborhood Retail Center in Northern California.

Transaction Description:  GSP arranged CMBS financing for the refinance of a 96.3% occupied, grocery-anchored retail property in an upscale Northern California suburb. GSP identified a lender willing to provide up to 75% LTV with cutting-edge pricing and minimal reserves. The transaction was a straight-forward permanent loan on a clean, cash-flowing asset. However, a number of issues demanded GSP’s expertise, including a) significant cash-out and b) a regional anchor with flat sales. Ultimately, the lender satisfied their concerns based on the Sponsor’s excellent reputation and retail experience, as well as the asset’s diversified tenant base and strong performance through the recent market downturn.