Transaction Overview
George Smith Partners successfully placed a $10,000,000 loan with a 5-year fixed interest rate for two mixed-use properties located in Hollywood, CA. The ground floor retail for both properties has short-term roll and is in need of renovation. The financing provides significant cash-out, which the Sponsor will use to improve the Properties and to re-tenant the buildings with new, long-term, market rate leases. GSP sourced a lender that was able to provide cash-out financing, limited recourse that burns off at full stabilization and lock the rate at application – critical in this current volatile interest rate environment.
