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

Rate: 3.75% for 7 Years
Amortization: 25 Years
DCR: 1.15 on Gross Income
LTV: 70%
Guaranty: Non-Recourse
Prepayment: Locked for three years then 4-3-2-1

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.

Advisors

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