Transaction Overview
GSP successfully arranged the $5,000,000 ten-year, 5.50% fixed rate loan to finance a fully leased but 80% occupied retail center. The asset is located on a high traffic corner in Santa Monica. Facing a maturing loan, the Sponsor desired a quick, conservative loan to pay off existing debt on the 45-year old building, while also providing close to $3,000,000 cash-out. GSP highlighted the property’s prime location and strong history in rapidly securing a non-recourse loan. Due to the low-LTV request, the lender did not require any reserves or impounds.
