Nevada

GSP successfully placed the no-cash-out refinance of a 98% occupied grocery-anchored retail center in Henderson, Nevada. The seven year term loan is priced at 4.75% fixed, and underwritten to a 12% debt yield. Challenge: The Sponsor required a non-recourse loan in a market that many lenders still perceive to be vulnerable to further decline. The grocery anchor is not credit-rated or obligated by the lease to provide sales information. The Sponsor required certainty of execution as the existing loan was maturing in less than thirty days. Solution: GSP completed a significant amount of upfront due diligence and presented a thorough package to lenders, permitting them to fully vet the perceived transaction risks. GSP identified key lenders who are familiar with and are actively lending in the Las Vegas retail market and subsequently qualified all deal terms prior to execution of the term sheet. Once signed, GSP closely managed every step of the due diligence and closing process to ensure the loan closed on time and as applied for, allowing for a substantial reduction in monthly debt service.