Transaction Overview
George Smith Partners successfully arranged a $4,250,000 mini perm to refinance an existing bridge loan collateralized by a 2007 constructed, 25,000 square foot shadow anchored shopping center located in the Inland Empire. The prior loan, also sourced by GSP, enabled the Sponsor to restructure the ownership entity plus take advantage of a discounted payoff dating back to the last recession. The most significant challenge was attributed to rising interest rates that ultimately governed the final loan sizing. After evaluating the firm’s extensive lending relationships, GSP sourced a community lender who became comfortable with this location and tenant mix as well as the Sponsor’s financial strength, track record, and personal guarantee. The new loan has a flexible prepayment structure that is open to repayment at any time.
