George Smith Partners - Deal of the Week - $16,800,000 Refinance Movie Theater Anchored Retail Center in a Tertiary Market to 65% LTV

Rate: WSJ Prime + 0.50%

Term: 3 years

Amortization: 25 years

LTV: 65%

DCR: 1.25

Prepayment Penalty: None

Lender Fee: 0.25%

Recourse

Transaction Description:

George Smith Partners arranged $16,800,000 for the rate & term refinance of a 91,000 square foot retail center anchored by a national movie theater. Located in the Inland Empire submarket of Los Angeles, this tertiary market location added a level of complexity for this special use retail asset. Our Sponsor sought to reduce monthly debt service yet maintain prepayment flexibility. The movie theatre operator is a privately held company and provided limited financial information for underwriting, but GSP sourced a regional lender experienced with this location and comfortable with Sponsor’s financial strength, track record and guarantee. Floating at 0.50% over WSJ Prime, the three year debt is sized to 65% of value with a 25-year amortization schedule and does not carry a prepayment penalty.

As always, for general questions, soft quotes or inquiries about year end closings, please don't hesitate to reach out.   

Regards,

Zack

Zachary D. Streit, J.D., M.S.

Vice President | George Smith Partners

[email protected] | Direct: 310-867-2936 | Mobile: 310-709-5320

BRE License No: 01905977

ABOUT GEORGE SMITH PARTNERS

Founded in Los Angeles, in 1992, George Smith Partners, Inc. (“GSP”) is a leading, national real estate investment banking firm. Our diverse and innovative structuring expertise, vast lender knowledge and relationships, and everyday market experience, enable us to customize financing for commercial property ranging from $3,000,000 to $350,000,000 including highly leveraged participating debt and joint venture equity.

10250 Constellation Boulevard, Suite 2700 | Los Angeles, CA 90067