$19,828,000 Acquisition Financing to 80% of Cost for Nearly Vacant Retail Center

Transaction Description: George Smith Partners arranged $19,828,000 in non-recourse acquisition financing for a 6% occupied retail center in Monrovia, California. Despite not having executed leases in place at closing, GSP identified a capital provider who was comfortable funding with LOI’s in hand from strong credit tenants. This loan is structured to allow flexibility for the Sponsor to pursue multiple leasing options and tenant mixes. The 99,334 square foot building is set to undergo light renovations prior to additional tenants taking occupancy. Sized to 80% of total cost (purchase plus capital upgrades), the non-recourse loan is fixed a 9.0% for the 24-month term.