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FINfacts™ XXIV – No. 388 | October 4, 2023
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| Prime Rate |
 8.50% |
| 1 Month LIBOR |
5.43% |
| 6 Month LIBOR |
5.89% |
| 5 Yr SOFR Swap |
 4.49%
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| 10 Yr SOFR Swap |
4.43% |
| 5 Yr US Treasury |
4.73%
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| 10 Yr US Treasury |
4.43%
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| 30 Yr US Treasury |
4.88% |
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Rate: 7.88%
Term: 5 Years Fixed
Amortization: Interest Only
LTV: 50%
Prepayment: Defeasance
Lender Fee: 1%
Guaranty: Recourse
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Transaction Description:
George Smith Partners arranged 5 year, permanent, non-recourse, interest only financing for an 85% occupied, multi-tenant shopping center in Northern California. The Property is a neighborhood center with 20 tenants and anchored by an independent grocery chain with about 20 locations in 5 states. The grocer has a long history at the center with over 25 years and multiple lease renewals. Other tenants include a mix of local and national chain restaurants, dental care, hair care, and a pre-school. The Sponsor was able to execute new financing near their existing loan maturity. Choosing a 5 year structure allows flexibility in the next 3 or 4 years and minimize prepayment costs. The CMBS financing allowed for a cash-neutral, non-recourse refinance in a volatile capital markets environment.
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If you have an inquiry regarding George Smith Partners’ commercial real estate financing, please contact your GSP representative or Jessica Mania, at (310) 867-2974 or jmania@gspartners.com
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Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
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© 1999 - 2024 George Smith Partners, Inc. DRE # 00822654 FINfacts is an ePublication of George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.
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