George Smith Partners September Closings

We've had a busy September at GSP, and the month isn't over yet! With interest rates still at historic lows and the new banking HVCRE regulations not set to kick-in until year end, now is an excellent time to lock in long-term, fixed-rate, non-recourse financing. Fixed rate structures are available starting in the 3% range, and floating rate structures are available starting in the low 2% range. For those in search of long-term financing with more aggressive leverage, CMBS remains an attractive option. 10 year terms and loan to values as high as 75% are available with fixed interest rates in the 4% to 5% range.

I'm pleased to share some recent GSP closings, including many with non-recourse structures and most with interest rates below 5%.

• $11,571,000 Non-Recourse 1970’s Vintage Multifamily Cash-Out Refinance in a Tertiary Northern California Market Fixed at 3.5% for 7 Years with a 30 Year Term
• $3,000,000 Single-Tenant Industrial Floating at Libor + 175 Basis Points with a 10 Year Term
• $5,500,000 Non-Recourse Cash-Out Refinance of a Multi-Tenant Industrial Business Park in Seattle with No Prepayment Penalty at Libor + 4.75%
• $5,000,000 Cash-Out Refinance in the Western US Fixed at 4.35% for 10 Years
• $9,600,000 Non-Recourse Acquisition Financing for a Two Tenant Non-Investment Grade Wisconsin Retail Property Fixed at 4.21% for 10 Years

As always, please don't hesitate to reach out with any questions on the above transactions or financing inquiries. I'm here to help.