$53,400,000 Non-Recourse Bridge Financing for the Renovation of a Retail Property w/Operating Marina

Transaction Description: GSP structured and arranged the 73% Loan to Cost non-recourse bridge loan for the renovation of a boutique retail property and its adjoining marina. The project includes a 47-boat slip marina and a 372-space parking structure in addition to 91 on-grade parking spaces. The 123,000 square foot mixed use water front property consists of first and second story office and retail spaces in 14 separate structures with connected marina including 47 boat slips. The Sponsor plans to renovate the buildings and re-tenant the property to create an exciting retail environment that will comprise a mix of retail, restaurant, entertainment and other uses that will reach both the local customer demographic as well as draw regionally, utilizing the waterfront location. Of the 17 legal parcels, 13 parcels are owned in fee and 4 parcels located along the marina front are held as lease-hold interests. The 73% of cost non-recourse loan is priced at LIBOR+7.50% but offers a 50 basis point spread reduction as new leasing hurtles are met. The Borrower has 36 months until the initial maturity date with options to extend the loan for an additional 12 months.