Transaction Overview
George Smith Partners successfully advised on the placement of a $31,600,000 fixed-rate, non-recourse, bridge loan for the refinance of a 460,000 square-foot retail center located in central Florida. Although the Center is 93% occupied, lenders expressed concerns about JCPenney and the theater, given the ramifications of the pandemic.
Furthermore, the Sponsor required a cash-out refinance and a fixed-rate loan. With the Property’s dominant market position, strong institutional sponsorship, well-thought business plan, and low basis, GSP was able to successfully source a lender willing to provide non-recourse, fixed-rate bridge financing with significant cash-out.
