Transaction Overview
George Smith Partners placed the $4,000,000 refinance of cold storage industrial center in Salt Lake City. The subject is 100% occupied by a single non-investment grade tenant. The premium rents associated with the cold storage were marked-down to vanilla industrial rates by most underwriters. GSP identified a local bank with sufficient experience to underwrite the actual rents. The Borrowers’ historical operating experience and strong fundamentals reassured the lender with respect to the short-term single-tenant lease with a return of equity to the borrower on a non-recourse basis. This was the tenth financing GSP placed for this long-standing customer.
