Transaction Overview
Transaction Description_:_ GSP secured a no-cash-out refinance of a single tenant industrial building located in the San Fernando Valley in Los Angeles. The borrower was seeking to improve his existing rate with a fixed coupon but required flexibility to prepay the loan in the event of a sale. The loan was rate locked at application; fixed for four years at 3.50%. The loan will then float the final three years of the 7 year term at LIBOR+1.75%. The new financing allows for a step-down prepayment with no penalty after the third year.
