Transaction Overview
George Smith Partners successfully arranged $1,295,000 in cash-out permanent refinance secured by a 10,047 SF, 10-tenant shopping center.
The property is currently 73% occupied with short term leases, and tenants are non-credit local businesses. GSP identified a capital provider that provided a free rate lock at signing of the LOI for 90 days, was comfortable with the local retail market, and the possibility for potential tenants to execute new leases. Fixed for 3 years at 4.5%, the loan amortizes over 25 years with no prepayment penalty.
