Bridge Financing for the Acquisition and Reposition of a 75% Occupied, Multi-Tenant Shopping Center in a Southwestern State

Transaction Description:

George Smith Partners successfully arranged a 3-year, non-recourse, interest only bridge financing for the acquisition and reposition of a 75% occupied, multi-tenant shopping center in a Southwestern State. The property is a neighborhood center with 20 tenants and is anchored by a local swap meet and antique mall. The property is shadow-anchored by a large, independent fitness center. The property suffered from mismanagement and needs renovations and a new lease-up plan. GSP identified a lender that was familiar in the market, and worked with the Sponsor throughout the closing process, increasing leverage to 70% Loan-to-Purchase midway through closing. The lender also provides 100% of capital expenditures, tenant improvements, and leasing commissions to stabilize the center.