Transaction Overview
Transaction Description_:_ George Smith Partners arranged the cash-out refinance of a recently renovated Upland, California office building. The new 15 year term loan is fixed for 3 years at 3.90% and resets for a fixed term every 3 years at 300 basis points over the then 3 Year CMT. This financing replaces a bridge loan and allowed our Sponsors to recover the majority of their equity invested for their acquisition and renovation. With an initial funding of $2,815,000, the remainder of the proceeds will be released once rent increases have been realized. There is no prepayment penalty or exit fee.
