Rate: 4.13%
Term: 7 years
LTV: 70%
Amortization: 1 Year IO, then 25 Year Amortization
Prepayment: None
Fee: None
Guaranty: Full Recourse
Transaction Description:
George Smith Partners successfully closed a loan at 60% loan-to-value for an 84% occupied, newly built, and stabilized retail center in Bakersfield, CA. GSP located a lender that was able to lock the rate of 4.125% at application to avoid the rate volatility in the market. Many lenders were not comfortable quoting the deal because of the lack of operating history. GSP was able to locate a lender that was comfortable with the lack of history, with a 6-month debt service reserve held back at closing, to ensure that the tenants continue to pay rent. The reserve is released after 6 months of full rent collection.
Advisors
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Steve Bram
Managing Director & Principal
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David R. Pascale, Jr.
Senior Vice President
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Allison Higgins
Senior Vice President
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Nick Rogers
Vice President
Related Financings
- No related financings.
