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$3,500,000 10-Year Full Term Interest-Only Permanent Financing, 40,000 SF Industrial Business Park; Murrieta, CA

Rate: 3.42% (1.80% over the 10 Year SWAP)
Term: 10 Years
Amortization: Full-term Interest-Only
Loan to Value: 60%
Guaranty: Non-recourse
Lender Fee: Par
Prepayment: Defeasance

Transaction Description:

George Smith Partners secured $3,500,000 in non-recourse debt to refinance a Southern California industrial business park. The Property is a 40,000 square foot, 100% occupied, industrial/flex building, majority occupied by automotive tenants. The financing takes out the existing debt, distributes capital for a significant roof repair, and redistributes equity to the Sponsor. The loan was underwritten to 60% LTV. The 10-year full term interest structure maximizes cash flow for the Sponsor. The fixed-rate loan priced at 1.80% over the 10-year SWAP.


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