$32,950,000 Joint Venture Acquisition for a 256,048 Sq. Ft. Multi-Tenant Industrial Business Park in the Pacific Northwest

Transaction Description:  

George Smith Partners successfully facilitated the formation of a new joint venture for the acquisition of a 256,048-square-foot multi-tenant industrial business park in the Pacific Northwest. GSP structured a $32,950,000 bank balance sheet loan to finance the acquisition. 

The loan was structured with an initial four-year term and includes a one-year extension option. To mitigate interest rate risk and capitalize on favorable swap rates, the joint venture opted to replace the floating rate with a four-year swap, plus a spread of 2.00%. The loan is interest-only during the initial term and was sized at 65% loan-to-value.