Deals in Application

HOT MONEY!!!

GSP has the following deals in application, which reflect present market conditions and pricing. Our pipeline is very active. Watch for some major deal announcements in the next few weeks.

Acquisition: Grocery Anchored Retail Center; $5,800,000; T + 2.45%; 10/30; tenant in common ownership; 75-80% LTV; 1.25 DCR (Steve Bram)

Acquisition: 250,000 s.f. Grocery Drug Anchored Retail; $19,000,000; T + 2.45%; 10/30; 75% LTV; 1.25 DCR (Steve Bram)

Refinance: 27,000 s.f. Office/Retail; $4,600,000; 12MAT + 3.25%; 10/25; 1 pt. lender fee; Prepay: 1.0% yrs. 1-4, open thereafter; Non-recourse. (Andrew Levant)

Refinance: 2 x 350,000 s.f. Warehouses (Single Tenant or 2 Tenants); $14,000,000; T + 1.95%; 10/20; 70% LTV (Steve Bram)

Refinance: 131,000 s.f. Market Anchored Retail Center on subordinated ground lease w/30 years remaining; $15,500,000; 10 year T + 2.30%; 10/30; 80% LTV; 1.25 DCR excluding subordinated ground rent; Lender Fee: par; Non-recourse. Note: No vacancy or TI reserves taken for market anchor. (George Smith, David Stepanchak)

Refinance: Strip Retail; $3,000,000 ($366.00 per s.f.); 12 MAT + 2.60%; par; 10/30; Non-recourse; 70% LTV; 1.30 DCR (Gary E. Mozer, Peter Smyslowski, Gerald Price)

Refinance: Estate Home; $3,000,000; 30-day LIBOR + 85; 1 pt. lender fee; 10 years/interest only yr. 1, then 20 year amort. (David Rifkind)

Refinance: Multifamily Complex; $3,725,000; 6-month LIBOR + 2.00%; 75% LTV (Michael Gottlieb)

Refinance: Industrial; $7,500,000; 30-day LIBOR + 2.75%, 75% LTV (Michael Gottlieb)

Refinance: All-Suite Las Vegas Hotel (500 rooms); $45,000,000; 30-day LIBOR + 2.60%; 5/20; 65% LTV; 1.40 DCR (Steve Bram)

Construction: Office/Warehouse Condos located in industrial park; $4,800,000; Prime + 1.00%; 1 yr./interest only w/ 2 extension options; recourse limited to corporate entity; partial releases (Andrew Levant)

Construction: Grocery Drug Anchored Retail Center; $31,000,000; 30-day LIBOR + 2.25; 2 years/interest only; 1 pt. lender fee (Gary E. Mozer, Peter Smyslowski)

Conversion: Office to Residential Lofts; $5,000,000; Prime + 1.00%; w/ 5-year mini perm; 85% loan-to-cost; 75% LTV; 1.25 DCR; Recourse for construction only. (Steve Bram)

TRANSACTION OF THE WEEK!!!

$1,300,000 for Residential Care Hospital Conversion to Alcohol Drug Rehab Clinic: This transaction closed in 4 business days with a Phase 1 environmental report completed in 2 days!! The 25,000 s.f. facility contained some asbestos; however, the Phase 1 indicated it is manageable. A very quick close was required as our borrower was under contract while competing bids were being received by the seller. GSP/Rifkind appeared at the original site inspection with loan docs in hand. The 87% LTV loan is secured against this asset and additional collateral. Terms: (1) Term/Amort: 6 years/interest only; (2) Prepayable at any time; (3) Non-recourse. (David Rifkind, David Ellis)