$8,000,000 Refinance of a Class B Multitenant Office Building Floating @ 2.30%

Transaction Description:  GSP successfully placed an $8,000,000 on-book refinance for a stabilized Class B multitenant office building in Los Angeles County. The 70% leverage loan floats over LIBOR and is 25% recourse to the guarantors. Lender does not require interest rate protection in the form of a cap or swap. The three year term is Interest Only for the first 12 months and requires principal and interest payments at a 30 year amortization schedule thereafter. There are two 12-month extension options after the initial three year term. This refinance allowed the takeout of a higher cost of capital debt and will save the Borrower over $30,000 per month in debt service payments during the Interest Only period and approximately $15,000 per month once the loan starts to amortize. There is no pre-payment penalty after the 1st year of the loan.