Transaction Overview
GSP successfully structured and placed the non-recourse acquisition bridge loan for a three property multi-tenant industrial portfolio, totaling 305,000 square feet in the Western United States. At acquisition the portfolio was 85% occupied with a going in debt yield of sub-9.5%. $13,800,000 of the on-book financing was funded at closing with the remaining $2,200,000 is to be future funded for immediate property improvements, future upgrades which includes immediate funding for the Sponsors strategic spec-suite program, as well as future leasing costs. Interest will not be paid on future funding until disbursement. The properties are able to be released as long as the remaining collateral maintains a 1.35x debt service coverage ratio on outstanding loan balance. The interest rate floats at L+2.75% for a three year term on an interest only basis for the initial two years of the term, with one (1) two-year extension.
