George Smith Partners arranged the cash-out refinance of two single-tenant properties located in Colorado and North Carolina. Although both are occupied by the same national auto parts supply company, the two loans for the same Borrower stand alone and are not crossed. The North Carolina asset was recently purchased with only a few years remaining on the lease. Our Sponsor was successful in negotiating a new long-term lease with the tenant prior to funding. GSP identified an institutional portfolio lender that is executing similar business plans and gave credit for the immediate increase in the capitalized value in allowing for the return of equity.
