Retail

George Smith Partners placed the senior non-recourse debt for the refinance of a 33,000 square foot, Pacific Palisades mixed use office & retail property. Sized to 65% of value, the loan is fixed for 5 years at 4.30%, and will float for the remaining 5 years at 310 basis points over the six-month LIBOR, amortized over 30 years. A step-down prepayment penalty is structured from 5% and is open after the 5th year. There was no lender origination fee. Our Borrower acquired the asset less than a year prior to this refinance although Sponsor experience and the T-12 cash flow justified the return of equity.