![](https://www.gspartners.com/wp-content/uploads/2024/03/Hachem-1.6.20.jpg)
Transaction Description:
George Smith Partners successfully arranged a $4,400,000 refinance of two flex buildings, totaling 68,169 SF, in Jacksonville, FL. This was a permanent, recourse loan at 3.75%, fixed for the first 10 years with a rate reset at every 10 years thereafter. This is a fully amortizing 25-year loan. The two buildings are adjacent to each other and offer a mix of flex, office and retail space. Both buildings are currently 100% occupied with minimal impact of COVID-19 on its tenants. The Sponsor, a repeat client, acquired the Property just a month prior and engaged GSP to capitalize on the low interest rate environment.
- Rate: 3.75% Fixed; Adjusts every 10th year
- Term: 25 Years
- Amortization: 25 Years
- LTV: 66%
- Guaranty: Recourse