Alabama

GSP successfully placed cash-out refinance for a mixed-use commercial property in San Diego. The borrower originally contacted GSP to obtain replacement debt on a much higher yielding single-tenant Starbucks in Alabama with less than 5 years remaining on their lease. After evaluating the client’s portfolio, GSP recommended repositioning the debt onto the mixed-use asset owned in San Diego, allowing a portion of the cash-out proceeds to pay-off the Starbucks loan. The 10-year term loan is fixed at 4.625% for 7 years and was sized to 65% LTV with flexible options for prepayment; terms much more favorable than the single tenant Starbucks would have yielded. The Starbucks property was not collateralized and is now Free & Clear.