Healthcare

GSP placed the refinance debt for a negotiated discounted payoff of a CMBS loan collateralized by a 42,000 square foot Medical Office Building. Prior to the discount, the loan balance was approximately $6,200,000. The bridge loan is fixed at 12% for 18 months, allowing time for the Borrower to increase occupancy from the 30% at close. Challenge: The subject property went into default in the market down-turn when market rents declined and vacancy spiked. A major tenant vacated when given the option to buy their own property at a lower cost than renting. The Special Servicer agreed to a substantially discounted loan payoff in exchange for a very brief window to close. Solution:Certainty of close was most critical. GSP worked closely with the lender to push processing and worked with the 3rd party vendors to secure draft reports allowing for closing to execute as scheduled.