$3,650,000 Permanent Financing for Office & Retail Property; Santa Barbara, CA

Transaction Description:

George Smith Partners successfully closed a refinance of a mixed-use office and retail property in Santa Barbara with a life insurance company. Despite the current market hesitation towards office properties, GSP was able to secure 10-year, fixed-rate financing given the lower leverage. GSP identified a Lender that was comfortable with the office component due to the 30+ small office users and no significant rollover risk. The largest tenants are a restaurant and movie theater which have been in occupancy for over 20 years.