Transaction Overview
GSP successfully placed $6,500,000 in ten-year fixed-rate first mortgage financing on a 78,000 square foot, 92% occupied 1980’s vintage shopping center located in a secondary Southwestern market. Approximately 20% of the collateral’s income is derived from a B+ rated (S&P) grocer in occupancy since 1980. The grocer recently exercised a renewal option through 2022. Sized to 65% LTV, the financing is full-term Interest only with a 4.09% fixed rate coupon, maximizing Sponsor cash flow and locking in an extremely low interest rate for the ten-year term. The loan is non-recourse with standard “bad boy” carve-outs to a Sponsor-affiliated LLC.
