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Permanent Refinance of Sonic Drive-In; Rialto, CA

Rate: 4.125% Fixed for 10 Years
Term: 25 Years
LTV: 50%
Prepayment: Yield Maintenance
Guaranty: Full Recourse

Transaction Description:

George Smith Partners arranged $1,300,000 in take-out financing for a fast-food restaurant, Sonic Drive-In, located in Rialto, CA. The Property was built at the end of 2019, consisting of 2,727 SF with a total of 16 drive-in ordering stations on a 38,967 SF parcel. The Sponsor, a repeat client, acquired the raw unentitled land in mid-2019 and the take-out financing was used to pay off the existing lender. The Property is on a ground lease, which posed a challenge and limited the number of interested lenders. The vast pool of relationships GSP has access to helped overcome this and enabled us to execute on a long-term solution.

Advisors

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    All Terms Confidential