Transaction Overview
George Smith Partners successfully placed the cash-out refinance of a 400,000 square foot dry-goods anchored retail center. Although the asset has a long history of 95% occupancy, the subject is currently witnessing a transition as a major tenant and two minor tenants recently vacated and have yet to be replaced. Despite the tenant reposition at funding, the non-recourse loan provided a sizable return of equity to the Sponsor. The 7-year term is fixed at 4.13%, amortized over 30 years after 12 months of interest only.
