$22,900,000 Bridge Loan for the Refinance of a 35,000 SF Mixed-Use Office/Retail Property; Beverly Hills, CA

Transaction Description:

George Smith Partners successfully advised on the placement of a $22,900,000 non-recourse bridge loan with cash out for the refinance of a 35,000 SF mixed use, office/retail building in the heart of Beverly Hills. Although boasting fully leased office spaces and an irreplaceable location in the famed Golden Triangle, the Property’s ground floor included some vacancy. Pandemic issues with return to office and street retail concerns were offset due to the Property’s incomparable location. At close, one lease was signed, another in negotiation, and numerous tenant tours were requested as the market recovered.

The Sponsor required a loan to not only pay off existing debt and return equity, given the long-term ownership, but also to fund leasing commissions and tenant improvements. With strong sponsorship and a jewel box asset, GSP was able to source a lender that was willing to structure financing to complete the Sponsor’s business plan, funding leasing costs as well as providing both cash out at closing and an income earn out once the street facing retail was leased.

  • Rate: 1-Month SOFR + 270
  • Term: 7 Years
  • Amortization: Interest-Only for the First 3 Years, Followed by 30-Year Amortization
  • LTV: 60%
  • Guaranty: Non-Recourse

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