$2,600,000 Acquisition Loan for 90% vacant 26,000 sf Strip Retail in Henderson, Nevada. Lender funded 7 business days after receiving request from GSP!

Transaction Description:  GSP arranged quick close financing for this 2010 constructed retail property. The acquisition price was well below replacement costs. The center consists of 1) 2,600 sf pad leased to a leading fast food tenant for 20 years, 2) A vacant 15,000 sf retail building with leases in negotiation for 11,500 sf, and 3) Two pads totaling 9,900 sf. Both pads are vacant but have LOIs being circulated from other fast food tenants. Las Vegas retail vacancy exceeds 20% although the lender understood this assets’ prime location and leasing potential. The lender also funded an interest reserve to cover the below break-even debt coverage.