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| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
4.75% |
| CODI* |
1.212% |
| 3 Mo. T’s (YTM) |
1.90%
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| 6 Mo. T’s (YTM) |
2.13% |
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| 5 Yr. U.S. T’s |
3.29% |
| 10 Yr. US T’s |
4.02% |
| 30 Yr. US T’s |
4.79% |
| 12-MAT |
1.595% |
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| LIBOR - 1 mo. |
2.00% |
| LIBOR - 3 mo. |
2.17% |
| LIBOR - 6 mo. |
2.31% |
| LIBOR - 1 yr. |
2.55% |
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| Tier 2+ (80% LTV) |
5.29% |
| Tier 3+ (65% LTV) |
5.15% |
| Tier 4+ (55% LTV) |
5.01% |
| 10 yr. term/30 yr. amort. |
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TRANSACTION OF THE WEEK
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$9,500,000 (80% of Cost) Acquisition Financing for a 158,105 s.f. Single-Tenant, Non-Credit, Owner-Occupied Industrial/Warehouse Building: This owner-occupier is a regional, privately held, non-credit parts wholesaler and distribution company. The tenants’ 5-year operating history included moderate net losses 3 years ago. The company is now profitable and growing. While the loan is non-recourse, the owners personally guaranteed the lease for its 15-year term. GSP presented the loan request to over 40 lenders and provided various structures to our client including full-recourse and non-recourse options as well as combinations of senior and mezzanine proposals. GSP also provided proposals for 100% financing of tenant improvements inclusive of sophisticated racking and storage systems. The owner will not occupy the property until five months after the loan closing, but the lender still funded the “vacant” building with a $1 million letter of credit as additional collateral. TI/LC reserves are only $0.30 psf based on the 15 year lease term. Terms: (1) Rate: 10-year T + 1.25%; (2) Term/Amort: 10/30, first year I/O; (3) LTC: 80%; (4) DCR: 1.20; (5) Non-recourse with a personal guarantee on the lease; (6) Lender Fee: Par; (7) 60-day free rate lock. (Steve Bram, David Pascale, Keith Padien)
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| $10,250,000 – (70% LTV) Permanent Financing for a Mixed-Use Office and Retail Development: GSP arranged the cash-out refinance of this 77,391 s.f. mixed-use center located in the Koreatown District of Los Angeles. The property is a four story building located on a transit corridor with 13 retail and office tenants. Although the center is 100% occupied, there are no credit tenants or corporate guarantees, and leases begin rolling in the next few years. Terms: (1) Rate: 10-year T + 1.50%; (2) Term/Amort: 10/30 (3) LTV: 70%; (4) DCR: 1.25; (5) Lender Fee: Par; (6) Recourse: None; (7) Pre-payment: Defeasance. (Andy Levant, Ed Parker) |
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| $2,065,000 (10-Year CMBS) Construction Take-Out of 13,068 s.f. Walgreen’s Shadow-Anchored Retail Center: GSP arranged the construction loan take-out of this retail center in Fresno, CA. GSP previously arranged the permanent take-out financing on the adjacent Walgreen’s which was completed in early 2004 with a different lender. Two weeks prior to funding, one tenant went dark at which point the lender acknowledged the market was tight and moved forward as planned, without hold-backs. The client executed a non-recourse loan for the 90% occupied center with all locally-based tenants. Terms: (1) Pricing: 10-year T + 1.35%; (2) Term/Amort: 10/30; (3) LTV: 75%; (4) DCR: 1.40; (5) Recourse: None; (6) Lender Fee: Par; (7) Pre-payment: Defeasance; (8) No SNDA’s required; (9) Closing Costs were capped at $10,650 including all 3rd party reports and legal fees. (David Stepanchak, Steven Hammermesh) |
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HOT MONEY!
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| A high net worth individual has asked George Smith Partners to originate first trust deed loans on land, apartments, retail, mobile home parks, office, industrial and parking garages located in Southern California. Deal size $500,000 to $10 million per transaction. Up to 65% loan to value, non-recourse, 1 to 3 year term, option to extend with a perfect payment history. Interest rates are 9-10%, interest only, with a 1-2 point lender fee. An exit fee of 0-1 point depending on the transaction. Rapid underwriting with no appraisal necessary to close. Lender is an experienced Southern California real estate owner and developer with whom GSP has closed three deals so far in 2004. |
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10th ANNUAL GSP REAL ESTATE LUNCHEON
(To Benefit the A-T Medical Research Foundation)
ONLY ONE WEEK LEFT TO REGISTER!
Wednesday,November 17, 2004
Century Plaza Hotel (Century City)
FEATURED GUEST SPEAKER
John E. Anderson
President & Sole Shareholder, Topa Equities, Ltd.
ON-LINE REGISTRATION OPEN NOW!!!
1,400+ Attendees Confirmed
www.gspartners.com
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