$2,260,000 Cash Out Refinance for a CVS to a 1.15 DCR; Dallas, TX

Transaction Description:

George Smith Partners placed the non-recourse cash-out refinance of a stand-alone CVS in a Dallas suburb. Our Capital Provider underwrote to a 1.15 DCR without any deductions (vacancy, capex) for the net-leased asset to an investment grade tenant. There were no impounds or tenant improvement reserves taken as the tenant pays all expenses directly on their 20-year lease. Amortized over 25 years, the seven-year term was locked at 3.75% without the requirement of a repayment guaranty.