Transaction Overview
George Smith Partners successfully arranged the $7,850,000 cash-out refinance secured by a 109,059 square foot shopping center in St. Louis, Missouri. Anchored by Marshalls and JCPenney, the 10-tenant shopping center, currently 100% occupied, has two major tenant leases expiring in 2021. Excess loan proceeds will be set aside for future capital upgrades and tenant improvements. Funds are self-directed and not part of a lender established reserve. Sized to 75% of value, the loan was funded prior to receiving SNDA (Subordination, Non-Disturbance, Attornment) or estoppels. A $250,000 holdback will be release upon receipt of SNDAs and estoppels. Fixed at 4.4% for 10 years, the loan amortizes over 25 years with no prepayment penalty. A free five-month rate lock was executed at LOI execution.
