Utah

George Smith Partners successfully placed the $7,500,000 senior loan on a 54% occupied retail center in Salt Lake City, Utah. The owner has had to address long-standing challenges in recapturing vacant anchor space. The lack of an anchor resulted in higher over-all vacancy and the property’s underperformance, presenting a significant challenge to lenders. GSP demonstrated that the property’s recent leasing velocity, (over 20,000 sf in six months and another 10,000 sf LOI outstanding at funding), was a direct result of the Borrower’s aggressive leasing strategy. GSP identified a lender comfortable with a very experienced sponsorship and the property’s location at the primary retail intersection in a strong market.