Transaction Overview
George Smith Partners arranged the refinancing of 2 industrial/flex buildings in San Jose totaling approximately 280,000 square feet. The buildings are 65% occupied. One of the two buildings is master-leased by the borrower (with some sub-lease tenants). The second building is recovering from a dip in revenue that generated a discounted pay-off agreement with the existing lender. By cross collateralizing the assets, supporting a positive shift in leasing activity, and proving-out the borrower’s equity position, GSP secured a loan with cash-out proceeds in-excess of the discounted loan pay-off amount.
