Rate: 2.94%, Fixed
Term: 10 years
Amortization: Full-Term Interest Only
LTV: 65%
Lender Fee: Par
Prepayment: Defeasance
Guaranty: Non-recourse
Transaction Description:
George Smith Partners successfully placed $12,025,000 in non-recourse, cash-out permanent refinancing for a 101,096 square foot discount-grocer anchored retail shopping center in a transitory Pacific Southwest MSA. The tenant mix includes several national credit tenants along with local and regional stores, all of which remained in-place during COVID-19. GSP was able to identify a lender who understood the complexities of retail in a post COVID environment. The non-recourse permanent loan was sized to 65% of value, included 10-years of interest only payments at a fixed rate of 2.94% for 10 years. Lender fee is at par.
Related Financings
- No related financings.
