Texas

George Smith Partners arranged the $22,700,000 permanent loan for the cash-out refinance of an unanchored retail center just outside of Houston, Texas. The largest tenant is a high-quality, non-credit medical office user. Over $10,000,000 of cash equity was recaptured for investments into alternative commercial real estate acquisitions. Secondary market conditions and lack of asset credit tenancy was mitigated by the historical high occupancy during the down-turn. Sized to 75% of appraised value, the 10 year loan offers two years of interest only prior to amortizing over 30 years for the remainder of the term.