Transaction Overview
George Smith Partners successfully arranged the $8,250,000 cash-out, permanent refinance for a 40,000 square foot industrial building net-leased to a non-credit tenant. The Southern California asset was purchased less than a year ago by our Client who completed an extensive renovation/conversion to a cold storage facility, pre-leased at the close of escrow. As a start-up, the non-credit tenant had no historical financials at funding. Now fully stabilized, the loan sized to 70% of current value netted a full return of equity as well as a return on equity to our Sponsor. Floating at WSJ Prime + 0.5%, the seven year loan amortizes over 30 years and is coterminous with the single-tenant lease. There is no prepayment penalty.
