GSP successfully placed the refinance of a newly repositioned retail center that had recently been purchased as a DPO in the San Joaquin Valley. Historical operating history was limited to two months of operations since the asset was acquired. The new Sponsor demonstrated their market expertize by bringing physical occupancy to 100% with the leasing of two units in the short timeframe from purchase to refinance. The new loan is fixed at 4.35% for 5 years and was constrained by a 65% “as is” LTV with minimal focus on the initial capitalization.
