Nevada

GSP placed the $9,100,000 acquisition bridge loan for the purchase of The Shoppes at Harmon Square, a 35,265 square foot un-anchored shopping center located on the corner of Harmon Avenue and Paradise Road in Las Vegas, Nevada. The capital provider is a private fund that GSP corresponds with. The property is located adjacent to the Hard Rock Casino & Resort. As the main route to McCarran International Airport, Paradise Road provides Harmon Square with a 100,000 daily car count. At acquisition, the center was 85% occupied with no national tenants. The business plan calls for the Borrower to leverage the strong location to attract regional and national tenants, providing a synergy that will support higher rents. The bridge loan is 73% of total capitalization including acquisition and lease-up, and offers a facility to borrow further proceeds based upon new leases to 100% of future occupancy costs. The two-year term is interest only, paid current out of cash flow with partial recourse. The loan requires a 12 month “make whole” provision and opens with no prepayment thereafter. It is anticipated that the bridge facility will be taken out with a long-term, fixed rate loan within 16 months. All other terms are confidential.