Retail

George Smith Partners arranged the $11,625,000 permanent loan for the acquisition of a stabilized retail center. The largest tenant is an investment grade pharmacy that accounts for 34% of the net rentable area and has been in occupancy for over 25 years. Historical occupancy and long-term tenants mitigated potential property turnover as 85% of the economic income rolls during the next 6 years. A small reserve was structured to address renewal TI’s. Sized to 75% of the purchase price, the 10-year non-recourse loan offers two years of interest only prior to amortizing over 30 years for the remainder of the term.