- Rate: Fixed at 4.75% for 5 Years
- Term: 10 Years
- Amortization: 30 years
- Prepay: None
- LTV: 62%
- DCR: 1.25
- Guaranty: Recourse
Transaction Description:
George Smith Partners secured $3,744,000 of permanent financing for the acquisition of 3 single-tenant Starbucks. The drive-thru locations all have new leases with at least 8 years of term left and tenant options to extend. Each property is located in a different state across the middle of the country (Texas, Louisiana, Illinois). The Sponsor wanted to have a single capital source finance all three properties for ease of closing and ongoing servicing. GSP was able to find a lender that could accommodate the variety of locations and provide the same terms for each acquisition. All of the loans are fixed at 4.75% for 5 years and have a 30-year amortization schedule. Loan amounts were sized to a 1.25x DSCR, which resulted in an average LTV of 62%. The recourse financings do not have any prepayment penalties and can be refinanced at any time.
- Rate: Fixed at 4.75% for 5 Years
- Term: 10 Years
- Amortization: 30 years
- Prepay: None
- LTV: 62%
- DCR: 1.25
- Guaranty: Recourse