$4,500,000 Owner User Office/Industrial Refinance; Los Angeles, CA

Transaction Description:

George Smith Partners successfully secured $4,500,000 to refinance a mixed-use office and industrial property in Los Angeles, CA. Our Sponsor had contacted one of his relationship banks to refinance his headquarters building. With the current crisis in lending, they were not able to provide a satisfactory refinance. The Sponsor then engaged GSP to secure financing. In reviewing the Sponsor’s financials, GSP identified significant growth and was able to secure a much larger cash-out refinance of the sponsor’s facility.

Using our relationships and experience, GSP identified an international bank that was able to provide a more aggressive rate and larger proceeds than the other lenders in the market. In 35 days, GSP was able to close this cash-out refinance at a fixed rate of 5.61% for 5 years, with 12 months of interest-only payments.