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$3,500,000 in Permanent Financing at 3.28% for Southern California Shopping Center: Oxnard, CA

Rate: 3.28% Fixed
Term: 8 years
Amortization: 30 Years
Loan-to-Value: 32%
Guarantee: Non-Recourse
Prepayment: Stepdown Prepayment (5%, 5%, 4%, 4%, 3%, 2%, 1%, 1%)

Transaction Description:

George Smith Partners secured a $3,500,000 of non-recourse bank loan to refinance a 21,000 SF shopping center shadow-anchored by a Lowe’s (NAP). The 100% occupied center consists of 4 buildings, 7 tenants, and is located in Oxnard. Tenants are a strong mix of national and regional tenants and includes one longtime local business. GSP worked with a lender that structured the loan term to be coterminous with the loan term of the Lowe’s. This allows the sponsor to have maximum optionality at loan maturity. The new financing lowered the interest rate from 5.10% to 3.28%. The fixed-rate loan was rate locked shortly after application, allowing plenty of time to collect SNDAs and Estoppels. The loan allows sponsor to pay down the balance by 5% in any given year without penalty and features a step-down prepayment.


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