Transaction Overview
George Smith Partners successfully secured a $3,500,000 permanent refinance of a 3-tenant, 29,000 square foot industrial property in Pasadena, CA. The Sponsor wished to refinance into a lower interest, fixed rate loan as quickly as possible due to the conversion of the existing loan from a fixed rate to a variable rate. GSP obtained a significantly lower rate thanks to the Lender not having a rate floor. This greatly benefited the Borrower in the fluctuating Treasuries environment. In addition, GSP’s strong relationship with the Lender and reliable execution enabled a smooth and timely closing process.
