$8,750,000 Out-Parcel Retail Acquisition Financing

Transaction Description: GSP successfully placed the acquisition loan of $8,750,000 for the purchase of an 180,000 square foot retail center in Baton Rouge, Louisiana. The collateral consists of non-contiguous out-parcels on the southern portion of the ring road surrounding the Cortana Mall. Tenants include Old Navy, Bed Bath and Beyond, Guitar Center, and Shoe Carnival in four buildings in addition to two multi-tenant buildings. The property, mall, and other retail in the immediate area serve as a major retail hub in the Baton Rouge area, which is primarily geared toward middle and working class consumers. Our client also acquired three former restaurant pads on 22,424 square feet of land and 18.55 acres of vacant land. The appraiser valued the occupied buildings in excess of the total acquisition price allowing the vacant land to be released at closing and not encumbered by the acquisition lender. Fixed at 4.54% for 10 years, the non-recourse loan is interest only for the first four years before it begins to amortize on a 30 year schedule.