$4,550,000 Refinance/Discounted Payoff for a Multi-Tenant Shadow Anchored Retail Center

George Smith Partners secured a $4,550,000 bridge loan to refinance a 2007 constructed, distressed 25,000 square foot shadow anchored shopping center in the Inland Empire. The CMBS note was purchased at a discount during the recession and the note buyer agreed to a discounted payoff with the borrower. The largest tenant vacated prior to loan maturity which added another level of complexity to the transaction. George Smith Partners sourced a Lender experienced with this location, comfortable with Sponsor’s financial strength, track record and guarantee. Our Sponsor was not required to invest additional cash into the transaction.  The new loan included an interest reserve as well as funds for leasing commissions, tenant improvements and no prepayment penalty.