Use GSP/Rifkind's quick-close capability

TRANSACTION OF THE WEEK !

$31,580,000 Acquisition/Bridge Financing for Diverse Office Building Portfolio (350,000 Total Sq. Ft.): GSP arranged interest only, non-recourse bank financing within a timeframe that fit our borrower’s acquisition schedule. The entire transaction (including all 3^rd parties) was completed in less than 30 days, from initial submission to funding. The Portfolio: (1) 4 buildings located in separate submarkets throughout Los Angeles County; (2) two of the buildings are class "A" 125,000+ s.f., the other two are class "B" 50,000 s.f. or less; (3) Overall Occupancy: 91.0% (3 are over 95% occupied, one is 50% occupied). GSP negotiated release provisions for the individual properties to facilitate individual sales. Terms: (1) Rate: 30-day LIBOR + 2.55%; (2) Term/Amort: 3 years/interest only (a one-year extension is available); (3) Lender Fee: 1.25%, no exit fee; (4) Non-Recourse. (Robert R. Stewart, Gary E. Mozer).

$6,800,000 Bridge/Reposition Financing for 40 Tenant/120,000 Sq. Ft. Unanchored Retail Center in Baldwin Hills: This shopping center was originally built in the early 1950’s and has gone through several rehabs and additions over the past half century. It now consists of 4 separate buildings (mostly two-story), plus 4 "pads" which contain 2 restaurants and 2 banks. Occupancy is 71%. Recently, a live theatre/church tenant occupying over 20,000 s.f. vacated their space. The purpose of the financing is for re-tenanting and physical improvements to the site. Economic dynamics are improving in the submarket. GSP arranged floating rate, interest only, bridge financing which provides flexibility and the ability to place permanent financing upon stabilization. Terms: (1) Rate: 30-day LIBOR + 3.25%; (2) Term/Amort: 3 years/interest only; (3) LTV: 75%; (4) DCR: 1.40; (5) Non-recourse; (6) Prepay: 1.0% in year 1, par thereafter; (7) Lender Fee: 1.0%, no exit fee. (Michael Gottlieb, Henry Bryan, George Smith)

GSP/RIFKIND CAPITAL ADVISORS UPDATE…

$2,100,000 (Closed in 2 weeks) for Industrial Buildings in San Fernando Valley: Once again, GSP/Rifkind created a solution for our borrower. The Property: 2 adjacent properties with 76,000 s.f. of industrial improvements, including 30,000 s.f. of cold storage. The Problem: The borrower, a business entity, had an existing loan which encumbered both the real estate and FFE (furniture, fixtures and equipment). Solution: GSP/Rifkind provided financing secured only by the real estate, which paid off the existing loan. GSP/Rifkind allowed an equipment based line of credit to subordinate behind the first trust deed financing, thereby granting the borrower access to capital. The financing was arranged in two weeks. Terms: (1) LTV: 70%; (2) Term/Amort: 6 years/interest only; (3) Prepayable any time at par; (4) Non-recourse. (David Rifkind, David Ellis)