Transaction Overview
George Smith Partners arranged $6,000,000 of non-recourse, acquisition and development financing to build a 10,800 sf DaVita Dialysis Center (well known, national, non-credit rated tenant). The Sponsor executed a long-term lease with the tenant to occupy 100% of the to-be-built property. The subject property is well-located on a main intersection in North Hollywood and adjacent to nearby strip retail. GSP was able to source a Capital Provider comfortable with the non-investment grade tenant. In light of this, GSP mitigated the risk concerns and was able to justify 100% of cost, non-recourse, construction loan request to the Capital Provider.
