Transaction Overview
George Smith Partners successfully placed the cash-out refinance of a 17,200 square foot in-line San Fernando Valley retail center. This transaction consolidated a previous first and second trust deed, and despite the return of equity, post-close monthly debt service decreased notably. Four of the five units are occupied by local vendors while the fifth unit is being turned and upgraded for a new potential leasee – there are no regional or national tenants at this location. Sized to 57% of appraised value, the 10 year term is fixed at 4.25% while amortizing over 30 years. There is no prepayment penalty for this recourse loan.
