Transaction Overview
George Smith Partners successfully placed $19,500,000 in non-recourse bridge debt to refinance and reposition an 80% occupied, 1980’s vintage Orange County shadow-anchored community retail center. Approximately $3,700,000 of loan proceeds will be used to complete a façade upgrade and convert 15,000 square feet of inferior elbow retail space into a food court with outdoor seating. The loan is sized to 70% of as-is value and 65% of as-stable value. Reserved funds will cover 100% of capital upgrades and our Sponsor will not pay interest until drawn. Priced at LIBOR plus 5.25%, there is no floor for the three year interest-only non-recourse loan.
