Transaction Overview
George Smith Partners successfully placed the refinance of a single-tenant 100,000 s.f. office building fully occupied by a credit tenant. The tenant rolls within the loan term. The Lender mitigated the rollover risk with a $1,000,000 Letter of Credit as additional collateral. No other structure was required. GSP provided key support that showed the tenant would renew including: (1) the tenant’s unique building requirements, and (2) lack of supply within the tenant’s geographical area. GSP was able to negotiate $1,500,000 of cash out for capital improvements.
