Rate: 3.75%, Fixed
Term: 10 years
Amortization: 30 Year Amortization
Loan to Value: 75%
Prepayment: Defeasance
Lender Fee: None
Transaction Description:
George Smith Partners successfully placed a $5,740,000 non-recourse, ten-year fixed rate loan on an 89% leased, multi-tenant retail property, shadow-anchored by Savers and Big Lots. GSP worked with the Sponsor to overcome several environmental issues with the Property. GSP sourced a lender able to achieve 75% leverage, non-recourse financing and structure around the environmental issues. The loan was sized to the greater of an 9.75% debt yield or 1.40x debt service coverage ratio on the 3.75% fixed rate coupon.
Advisors
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Steve Bram
Managing Director & Principal / GSP Co-Founder
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Allison Higgins
Senior Vice President
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Nick Rogers
Vice President
Related Financings
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Low Debt Yield, 3.77% Coupon Permanent Financing for the Acquisition of a Recently Developed Grocery-Anchored Retail Center; FL
September 25, 2019
George Smith Partners successfully placed $14,690,000 in non-recourse, ten-year fixed rate first mortgage debt for the acquisition of an approximately 54,000 square foot, 96% occupied, recently developed retail center in Western Florida. An investment-grade grocery anchor on a newly signed long-term lease comprises approximately 75% of the collateral. The anchor has no sales history at the Property and is not required to report sales going forward. GSP sourced a lender to provide full term non-recourse Interest-Only financing subject to a low 7.35% debt yield. The 65% leverage loan has a 3.77% fixed coupon over the ten-year term.
Rate: 3.77%, Fixed
Term: 10 years
Amortization: Full Term Interest-Only
Loan to Value: 65%
Prepayment: Defeasance
Lender Fee: None
