George Smith Partners arranged the cash-out refinance of a single-tenant property located in the southwestern United States, occupied by a Canadian mattress company. The Borrower purchased the property all-cash at the end of 2013 and sought to recapitalize his liquidity to acquire additional investment properties. Without a US parent company, many capital providers were hesitant on quoting this opportunity. GSP identified a local portfolio lender comfortable with the corporate lease guarantor and underwrote the location and long-term value of the property. The 10-year term is fixed for five years at 4.50% and does not carry a pre-payment penalty.
