Retail

Transaction Description:  George Smith Partners arranged the 65% LTV financing a new big box single tenant credit retailer.  The rate was locked for 130 days (over four months) in November 2011. GSP identified a life insurance company who locked the entire coupon with no rate premium. The site is a 8.38 acre parcel adjacent to a 500,000 + s.f. retail center also owned by the client. The center (not part of our collateral) includes a 50,000 s.f. grocery store, movie theater, high end chain restaurants within a contemporary outdoor setting. The investment grade tenant executed a 30 year ground lease + extensions; and constructed their own store that opens this week. The lease required the Sponsor to deliver a construction ready “clean dry pad” to tenant for their building construction. GSP arranged the construction financing last year. Our Client demolished a functionally obsolete, freestanding 200,000 s.f. building that had been vacated by a failed retailer, then added utilities and raised the pad using pilings to create the proper foundation for the new store. This was GSP’s 12th financing for this client.