$20,690,000 Non-Recourse Reposition for Vacant Hollywood Creative Office

Transaction Description: George Smith Partners secured a $20,690,000 non-recourse bridge loan for the reposition and lease-up of superbly located, 58,894 square foot vacant office building in Hollywood, California. The renovation plan calls for extensive interior and exterior work to reposition this iconic asset from a traditional office use to Class-A creative space. Our sponsor is an experienced developer and required a capital partner who was able to provide flexible funding post close for this 100% vacant asset. GSP identified a national bridge lender with a local presence that underwrote the strong sub-market and Sponsor strength to become comfortable with the physical reposition and lease-up risk. Floating a LIBOR+465, the three year non-recourse loan was sized to 65% of total capitalization inclusive of capital upgrades and tenant improvements.