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$31,633,000, Full-Term Interest-Only, Permanent Financing for Non-Credit Tenanted Office; Suburban Salt Lake City, UT

Rate: 3.54%
Term: 10 Years
Amortization: Full Term Interest Only
Prepayment: Defeasance until last 6 Months which are open with no penalty.
Guaranty: Non-recourse except for “bad acts” and environmental

Transaction Description:

George Smith Partners successfully placed $31,633,000 in permanent financing for an office building in the Salt Lake City area amidst election uncertainty and COVID-19. In particular, pandemic restrictions and the proliferation of “work from home” concerned many lenders that office may face a very slow recovery. Although the Building’s sole tenant was non-credit, their long lease term and exceptionally strong financials motivated the Lender to provide a competitive quote. Well-located in a fast-growing market, GSP structured loan terms that were highly conducive to the Sponsor’s long-term plan and guided the transaction to an expedient closing.

Advisors

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    LTV: 70%
    Prepayment: 4,3,2,1
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