California

George Smith Partners successfully placed the refinance of a 100% occupied, unanchored strip retail center in Santa Clarita. The property’s location outside of a core market presented a challenge, yet GSP was able to identify a lender comfortable with the building’s secondary location. GSP underscored the retail center’s strong positioning on a major retail intersection with high traffic counts. The center’s strong national tenant mix and unique architecture drives significant foot traffic, enabling the center to outperform comparable properties. Although unanchored, GSP emphasized that 40% of the center’s GLA is comprised of national tenants, and 45% of the existing tenant base has been in occupancy for over ten years. The fully leveraged non-recourse loan floats for two years interest only, priced at LIBOR + 3.35%, subject to a 4.0% LIBOR floor.