Transaction Overview
George Smith Partners placed the $3,000,000 permanent refinance of a 40,000 square foot single-tenant industrial building in Gardena, California. Sized to 55% of value, the loan floats at LIBOR+1.75% for the 10 year term and is amortized over 30 years netting a substantial cash flow after debt service. Single tenant event risk was mitigated with the low loan to value and the vanilla use of this asset in a strong industrial market. Our Sponsor requested floating rate debt to take advantage of the low LIBOR index as well as maintain flexibility for future equity calls; either through sale or refinance.
