Transaction Overview
George Smith Partners arranged $9,327,000 in acquisition financing for three prime retail properties in college-adjacent locations across different states. The properties do not have credit tenants but are all performing very well. GSP overcame regional bank hesitancy regarding cross-collateralization by sourcing a national lender willing to finance all three properties simultaneously. The financing features a 7-year fixed-rate term with 4 years of interest-only payments, no prepayment penalty, and cross-collateralization with release provisions enabling the sponsor to complete a 1031 exchange.
