Nevada

GSP arranged the no-cash-out reposition refinance of a 160,000 square foot retail center anchored by several strong national tenants. Challenge: The Reno property was 76% occupied with only a handful of recently executed new leases. Solution: GSP called on a close relationship with a strong, middle market Bank and set up a face-to-face meeting very early in the process. GSP positioned the recent lease extensions including those of the anchors as a strong indication of the strength of the center and highlighted the center’s key location within Reno. By demonstrating the Sponsor’s other business lines, the Bank was able to fully underwrite the Sponsor as a whole to obtain comfort with this request as well as establish a strong pipeline for future business.