The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 13, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

ETC... ETC...
Printer-friendly Version   Email an Associate
George Smith Partners Arranges $44 Mil on 650k sf Industrial Complex


George Smith Partners recently arranged $44 mil in non-recourse, non-participating bridge financing at 95% of cost for the lease-up and repositioning of a five-property, 650k sf industrial complex located on the West Coast.

The sponsor purchased the complex vacant, with the seller carrying the first mortgage for four months. From the open of escrow to the closing of this loan, over 82% of the available space was leased, making up 77% of rent, with letters of intent for the remainder of the space.

Although this took place during the COVID-19 pandemic, and there was considerable deferred maintenance and capital expenditure required to get the properties rent ready, the space leased quickly due to the sponsorís expertise and relationships, in addition to the security being located in a strong submarket.

The loan provides funds for deferred maintenance, capital expenditures, tenant improvements, leasing commission and carry until the tenants are in and paying rent. Additionally, there is an earn-out of $2 mil after the 18th month as the asset has other potential value-add attributes.

Return to the Archive page



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media