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| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
5.75% |
| CODI* |
1.693% |
| 3 Mo. T’s (YTM) |
2.74%
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| 6 Mo. T’s (YTM) |
3.12% |
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| 5 Yr. U.S. T’s |
4.11% |
| 10 Yr. US T’s |
4.44% |
| 30 Yr. US T’s |
4.73% |
| 12-MAT |
2.171% |
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| LIBOR - 1 mo. |
2.92% |
| LIBOR - 3 mo. |
3.13% |
| LIBOR - 6 mo. |
3.39% |
| LIBOR - 1 yr. |
3.79% |
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| Tier 2+ (80% LTV) |
5.56% |
| Tier 3+ (65% LTV) |
5.42% |
| Tier 4+ (55% LTV) |
5.28% |
| 10 yr. term/30 yr. amort. |
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TRANSACTION OF THE WEEK
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$19,950,000 Acquisition Financing for 64,073 sf “Shadow Anchored” Community Shopping Center on Oahu, HI. Located in Kapolei, Oahu’s fastest growing city, the subject collateral consists of 28 inline tenants located in a grocery/drug anchored shopping center. Property was built in 2002, the seller is the original developer. Both the grocery store and drug store are occupied by national tenants. The inline space consists of a variety of shops, including several restaurants, clothing, furniture and gift shops, printing, mailing, video, hair and nail salons, an urgent care clinic and a family fun center. GSP arranged financing which fit the borrower’s acquisition time table. Borrower took advantage of early rate lock to catch a low point in the Treasuries. Terms: (1) Rate: 10 year T + 1.0%; (2) Term: 10 years; (3) Amortization: 30 years; (4) LTC: 80%; (5) DCR: 1.25; (6) Non-recourse; (7) Lender Fee: Par. (Steve Bram, Noah Hahn, David R. Pascale, Jr.)
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| $10,000,000 Acquisition Financing for a 60,800 Free-Standing Grocery Store in Northern California: The store is on a 107,593 sf site well located in an urban, in-fill location. The property has 125 parking spaces. The NNN lease is through 2017 with pre-determined renewal option rents through 2047. Rent is currently 65% of market rent. Terms: (1) Rate: 10 year T + 1.03% (app. signed in November); (2) Term: 10 years; (3) Amortization: 30 years; (4) LTC: 71%; (5) DCR: 1.26; (6) 90 day free rate lock; (7) Non-recourse; (8) Lender Fee: Par. (Michael Schwartz, Gilda Rivera) |
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PRESS BOX
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Lee Norman: The Million Dollar Boy
GSP Principal and Senior Vice President was featured in the February edition of Southern California Real Estate's article on "40 under 40"
(To read the full story, click here.)
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SPEAKER'S CORNER
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Gary M. Tenzer, Co-founder and Executive Vice President of George Smith Partners, Inc., judged the 1st Annual Real Estate Case Competition at USC Law School last Friday, April 8. The competition included some of the best undergraduate students from six schools around the country. This year’s participants are the undergraduate real estate programs of USC, University of Colorado, University of Pennsylvania, University of Texas and University of Wisconsin.
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GSP WELCOMES
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GSP Welcomes David Bierman: (Part of our continuing series profiling GSP's "Next Generation" of Brokers) Mr. Bierman joined GSP full-time in January 2005 after receiving his Bachelor’s Degree in Economics from the University of Wisconsin. Having formed two successful businesses, Mr. Bierman brings great entrepreneurial skill as well as in-depth knowledge of real estate finance and urban planning. David can be reached at ext. 121 or dbierman@gspartners.com.
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2005 EXECUTIVE LUNCHEON SERIES
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To Benefit the A-T Medical Research Foundation
REGISTER NOW!
Luncheon I – April 27th
George has an exciting line-up of speakers & panels scheduled. Sign up now!
Join the Series and attend 3 private luncheon briefings, as well as pre-reserve your Table of 10 for our Annual Luncheon this Fall.
For more information, log on to www.gspartners.com/at.
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