$8,500,000 Acquisition & Predevelopment Financing of a Vacant Retail Asset @ $907 per Square Foot; 8-Day Close

Transaction Description: George Smith Partners arranged the high dollar per square foot ($907/SF) non-recourse acquisition of a vacant 9,370 square foot retail building situated on an oversized 29,555 square foot parcel (6.4:1,000 parking) located along a major thoroughfare in Santa Monica, California. An interest reserve to carry the loan through the initial 12-month term was funded as the single-tenant improvement is currently vacant. GSP sourced a capital provider comfortable with the high loan per square foot and short closing timeframe due to the project’s strong market fundamentals. Sized to 65% of purchase price, the eight-day quick close acquisition loan priced at 9.50% over one-month LIBOR.