$5,376,000 (60% LTC) Bridge Loan for Cash-Out Refinance of Industrial Building; Northern California

Transaction Description:

George Smith Partners secured $5,376,000 of bridge financing for the refinance of a two-tenant industrial building in Fairfield, CA. The Property is favorably located within a mile of three major freeways and is only a 45-minute drive to both San Francisco and Sacramento. The building is currently 100% occupied, but there were cash-out proceeds required to reposition the Property to make it more attractive to potential buyers. The 26,000 SF building also has 95,000 SF of improved yard space adjacent, which is a major draw for the current tenants. GSP was able to secure a lender that could get comfortable with a majority of the income being derived from the yard space. The financing was comprised of a senior and a mezzanine loan. The blended terms provided a 60% LTC priced at 7.43% with a 1.20% origination fee. The 12-month terms provide the Sponsor the ability to execute his business plan.

  • Blended Rate: 7.43% Fixed
  • Term: 12 Months
  • Amortization: Interest Only
  • LTV: 60%
  • Loan Fee: 1.20%
  • Reserves: None
  • Prepayment Penalty: None
  • Guaranty: Non-Recourse for Senior / Recourse for Mezzanine Loan

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