Transaction Overview
George Smith Partners successfully structured and placed the non-recourse acquisition bridge loan for a five building multi-tenant industrial/office park, totaling 536,000 square feet in the Western United States. While the property was 100% occupied at funding, a tenant occupying 15% of the gross rentable square footage will vacate within six months of the purchase. $37,800,000 of the on-book financing was funded at closing with the remaining $2,400,000 to be future funded for re-tenanting as well as upgrading the exteriors and common areas. Interest will not be paid on future funding until disbursement. George Smith Partners was able to structure release provisions for the various parcels. The interest rate floats at L+2.85% for a three year term and is interest only for the initial two years of the term. There are two (2) one-year extensions.
