Transaction Overview
George Smith Partners successfully placed the $8,200,000 cash-out refinance of an industrial building in Poway, California. The Sponsor was facing a loan maturity within thirty days, and required a return of a portion of his equity.
Challenge: Although the property was 100% occupied, one tenant (56% of sf) rolls in 2014 while the second tenant has a termination option in January 2013. The Sponsor was experiencing changeover in operations due to the family’s patriarch passing.
Solution: Leaning on our underwriting background, GSP demonstrated the strength of the tenants, and completed a full underwrite of the transaction in advance of identifying a capital provider. Prior to choosing a Lender, GSP worked with potential capital providers to engage all third party reports. By fast-tracking the request from start to finish, GSP closed the life company loan within 30 days of application.
