Office

George Smith Partners successfully placed the refinance of a 204,123 square foot Class A single-tenant office building. The tenant is a Fortune 500 company utilizing this space as a regional headquarters. Fixed for 5 years at 5.76%, the $51,000,000 loan is non-recourse; sized to 85% LTV & a 7.8% debt yield. There is no amortization as the loan is interest only for the entire 5 year term. The transaction included a complicated restructure of a former Tenants-In-Common Ownership roll-up into a single purpose entity. This refinance allowed the owners to exit a maturity default and remove themselves from the special servicer.