Transaction Overview
George Smith Partners arranged $16,000,000 in non-recourse financing to refinance and provide cash-out on a 119,000 SF Class-B office building located in Brea, CA, off one of the most densely trafficked business arteries in the area. The Property, built-in 1982, has been well maintained and has historically achieved above-market occupancy. The Sponsor’s goal was to refinance the existing loan with a facility that included a cash-out component to bolster the partnership’s returns. This facility allows the Sponsor to lease up the remaining vacant space and exit the investment through a sale to a third party in the next 6-8 months, all the while returning significant equity to the Sponsors today.
GSP focused on the extensive history of strong market demand in the Brea/Orange County market and was able to explain to capital sources the Property’s history of near full occupancy. GSP was able to identify a local lending source that not only understood the market and demand for office space in greater Orange County, but also understood the overall value of the Property and the subsequent loan that was procured.
