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| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
4.75% |
| CODI* |
1.162% |
| 3 Mo. T’s (YTM) |
1.71%
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| 6 Mo. T’s (YTM) |
1.99% |
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| 5 Yr. U.S. T’s |
3.36% |
| 10 Yr. US T’s |
4.06% |
| 30 Yr. US T’s |
4.86% |
| 12-MAT |
1.522% |
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| LIBOR - 1 mo. |
1.87% |
| LIBOR - 3 mo. |
2.06% |
| LIBOR - 6 mo. |
2.21% |
| LIBOR - 1 yr. |
2.44% |
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| Tier 2+ (80% LTV) |
5.26% |
| Tier 3+ (65% LTV) |
5.12% |
| Tier 4+ (55% LTV) |
4.98% |
| 10 yr. term/30 yr. amort. |
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TRANSACTION OF THE WEEK
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$30,225,000 for 135,000 s.f. Non-Credit Single-Tenant Office Building in San Fernando Valley: This 4-story property is occupied by a subsidiary of an investment grade entertainment company; however, the parent is not on the lease. The 10 year lease has 9 years remaining, with a termination option in year 7. Built in the early 1990’s, the highly improved media property is well located in Burbank’s studio/entertainment district. The tenant also owns the 2 adjacent properties. GSP arranged fixed rate financing with 4 years interest only. Loan provided for an investor group, affiliated with borrower, to make a $3 million mezzanine loan, total leverage is over 85%. Terms: (1) Rate: 7 year interpolated T + 1.45%; (2) Term/Amort: 7/30; (3) LTV: 80%; (4) DCR: 1.20 (5) Non-recourse; (6) Par. (Gary M. Tenzer, Greg Walden)
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| $2,700,000 Refinance for 48,000 s.f. Multi-Tenant Industrial in Sylmar, CA: GSP arranged the acquisition/reposition loan on this property in 2002. Our client purchased the property at approximately 80% occupancy and renovated the parking lot, signage, landscaping, roof, etc. He also leased up to 100% occupancy. The late 80’s vintage property consists of 2 buildings on 2.5 acres. There are 31 tenant spaces with 20’ clear heights and loading doors -- some tenants occupy multiple contiguous spaces. The cash out refinance allowed our borrower to pay off the bridge financing and recapture equity. Terms: (1) Rate: T + 1.60%; (2) Term/Amort: 10/30; (3) LTV: 75%; (4) DCR: 1.35; (5) Lender Fee: Par; (6) Non-recourse. (Steve Bram, David R. Pascale, Jr., Shlomi Ronen) |
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| Congratulations to GSP's Steve Orchard! Steve and his wife, Karrie, just welcomed a new addition to their family. Highlights: (1) Name: William Rider Orchard; (2) Birthday: October 6, 2004; (3) Weight: 9 lbs., 6 oz.; (4) Length: 21 in. |
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10th Annual GSP Real Estate Luncheon
(To Benefit the A-T Medical Research Foundation)
SAVE THE DATE!
Wednesday,November 17, 2004
| The 10th Annual GSP Real Estate Luncheon to benefit the A-T Medical Research Foundation will be held on Wed., November 17th at the Century Plaza Hotel. |
FEATURED GUEST SPEAKER
John E. Anderson
President & Sole Shareholder, Topa Equities, Ltd.
ON-LINE REGISTRATION OPEN NOW!!!
www.gspartners.com
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