George Smith Partners successfully placed the 65% loan to value for the refinance of an in-line retail center. The subject property in a Michigan college town was 80% occupied predominantly by regional credit tenants. Several leases are month-to-month with the balance rolling during the initial 5 year term. Vacancy results from relatively poor visibility from the street for several of the units. High-traffic counts added comfort to the capital provider despite the short term leases and month-to-month tenants. Historically high net cash flow and a low loan per square foot appealed to the portfolio Lender as well. The recourse loan self-liquidates over a 25- year term; fixed for the first five years at 5.0%.
