$5,650,000 Non-Recourse Class B Office Bridge Loan

Transaction Description: George Smith Partners successfully placed the acquisition bridge financing of a 38,428 square foot multi-tenant Class B office building in the Governor Park submarket of San Diego. In-Place occupancy at the time of acquisition was 73%, with market occupancy at 88%. Sized to 65% LTC, the $5,650,000 non-recourse loan provided an initial funding of $4,800,000 for acquisition and closing costs followed by an $850,000 future funding. The 3 year loan term with (2) 1 year extensions allows our client to execute their business plan and lease the asset up to market occupancy. Future fundings are allocated for tenant improvements and leasing commissions. The loan provides a 12 month interest only period followed by a 25 year amortization schedule. Floating at L+3.00%, the low cost of capital allows the Sponsor to earn a higher project level IRR.