Transaction Overview
George Smith Partners secured $3,100,000 for the Sponsor's refinance of a 25,800 SF, three-story medical office building located at 130 Kinderkamack Road in River Edge, New Jersey (Bergen County). The Property is 100% occupied by medical office tenants, including radiology, dental, and specialty physician practices. Proceeds retired the Sponsor's existing mortgage of approximately $1.8MM and provided funds for capital improvements and a return of equity to the Sponsor.
The Lender stipulated to 65% loan-to-value of the "as-is" appraised value in their term sheet and structured the financing with a 6.25% fixed rate for the first five years. The loan can be extended for an additional 5 years at 2.10% over the then-current Five-Year Treasury rate, subject to a 5.50% floor and a 30-year amortization.
