Transaction Overview
George Smith Partners successfully arranged a $7,300,000 cash-out refinance of a stabilized 29,133 SF multi-tenant creative office building located in the Culver City submarket.
The Sponsor completed a heavy rehabilitation of an existing light industrial building in 2019, converting it to class-A creative office, and owned it free and clear. They needed to pull cash out to pay down a separate loan in their portfolio ahead of a hard maturity deadline. With office remaining a challenging asset class for many lenders, GSP ran a competitive process across bank and institutional capital sources on a compressed timeline and secured a community bank lender to provide long-term fixed-rate debt on this creative office asset. The lender was drawn to the property's stable multi-tenant rent roll, infill location within the Jefferson Corridor, and the Sponsor's strong track record and ownership history.
All other terms remain confidential.
