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Non-Recourse Bridge Acquisition Financing for Industrial Building; Wilmington, CA

Rate: 7.90% Fixed
Term: 12 Months, with Extension Options
Amortization: Interest Only
LTP: 57%
Prepayment: None
Guaranty: None

Transaction Description:

George Smith Partners successfully arranged bridge acquisition financing for a single-tenant industrial building in Wilmington, CA. The Property is 3,950 SF on an approximate 8,640 SF parcel. The previous owner occupied the Property, and the building is now vacant. GSP secured a 12-month, non-recourse bridge loan at 7.90% fixed with interest only payments and no prepayment penalty. This will provide the Sponsor time to lease the Property and season it for permanent financing. The financing closed within two weeks of term sheet issuance.

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