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4/23/12
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George Smith Partners (GSP) has arranged a total of $22.8 mil in financing for Doerken Properties Inc (DPI) for two Salt Lake City properties owned by affiliates of the company. The financings consisted of a $15.3 mil bridge loan on a Class B office building as well as the $7.5 mil refinance of a retail property.
In one of the deals, GSP’s Gary Mozer and Josh Roseman secured a $15.3 mil partial-recourse bridge loan to facilitate the refinance of a 221.1k sf office building located in the Salt Lake City Central Business District, two blocks from the new City Creek Development. More than 25 percent of the tenants in the building are on month-to-month leases, and the property’s largest tenant conveyed its intention to vacate the space during the loan process.
“The lack of rent stability on the property, combined with the relatively weak office market made for a challenging financing situation for the owner,” explained Mozer. “We presented supporting data which demonstrated the strength of the building’s location, as well as our client’s proven track record, and we successfully identified a lender that was focused on fostering a long-term relationship with our very experienced borrower.”
The partial recourse loan carries a 36-month term with two 12-month extensions. The loan closed with an interest rate of LIBOR plus 3.25 percent, with no floor and a 65 percent loan-to-value. Financing was provided by a major national bank.
In the other deal, GSP’s Mozer also secured the $7.5 mil refinance of a 54-percent-occupied retail center located in Murray, Utah, a bedroom community to Salt Lake City. The recourse, senior, interest-only loan closed at a rate of 1-Mo LIBOR plus 3.0 percent for three years, with two 12-month extensions and a 65 percent loan-to-value. Financing was provided by a major national bank.
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