$5,145,000 Secondary Market Office & Retail Acquisition with Release Options

Transaction Description: George Smith Partners arranged the $5,145,000 acquisition loan for the purchase of a mixed-use Santa Clarita CRE asset made up of eight retail units and 20 office suites; sized to 70% of purchase. At the time of close, the retail was 100% leased and occupied with only one office vacancy. Purchased for $7,350,000, our Sponsor sought maximum loan proceeds but required a release for a pad restaurant on its own APN, with the goal of selling that collateral and reducing their basis in the property. GSP secured a floating-rate loan with the requested release, priced at Prime + 0.5%, with a 4.25% floor. There is no prepayment penalty.