- Rate: Confidential
- Term: 18 Months
- Origination Fee: 1.5%
- Exit Fee: 0.50%
Transaction Description:
George Smith Partners successfully arranged a $22,000,000 loan for 92 acres of entitled land in Apex, a pioneering new growth area in a Western State. While some of the adjacent land has recently traded, utilities and roads are currently under construction. The Sponsor will build over 1 million square feet of industrial buildings and is currently talking to potential equity partners. The Sponsor had retained a national mortgage brokerage company that was unable to locate any financing for the Sponsor. The Sponsor approached GSP eight weeks prior to their maturity date to assist in the refinance. GSP completed a full marketing and identified two competitive lenders that could reach the desired proceeds level and close quickly. One of the lenders had significantly more local market experience providing more surety of close.
- Rate: Confidential
- Term: 18 Months
- Origination Fee: 1.5%
- Exit Fee: 0.50%
