Transaction Overview
GSP successfully placed the $8,700,000 cash-out refinance for a strong sponsor on an Inland Empire multi-tenant retail property anchored by a national discount retailer and shadow anchored by a regional grocer. At loan closing, a new tenant contributing ten percent of the underwriteable income was not yet in occupancy, and rent commencement is scheduled for late first quarter 2015 due to a rent abatement period. The 75% leverage non-recourse loan has a 4.55% fixed coupon. The 10 year term is Interest Only for the first five years and requires principal and interest payments at a 30 year amortization schedule thereafter.
