- Rate: 4.375% Fixed for 7 Years
- Term: 10 Years
- Amortization: 25 Years
- LTV: 75%
- Guarantee: Recourse
George Smith Partners secured $2,849,250 in acquisition financing for a single-tenant Tractor Supply Company in Las Vegas, New Mexico. The Sponsor purchased the 19,000 square foot building for $3,800,000 at a very attractive cap rate for the product type. The tenant has 10 years remaining on their original lease with 10% rental increases every 5 years. GSP was able to mitigate the risk that the market presented by highlighting the Sponsor’s track record with similar assets. Sized to 75% of purchase price, the permanent loan is fixed for 7 years then floats for the last 3 years of the 10-year term.
- Rate: 4.375% Fixed for 7 Years
- Term: 10 Years
- Amortization: 25 Years
- LTV: 75%
- Guarantee: Recourse