George Smith Partners Secures $124M for Ohio MXU
Los Angeles-based George Smith Partners arranged $124.25 million in permanent financing for a roughly 560,000-square-foot, Class A, mixed-use retail and office development in Ohio. The loan was secured on behalf of an undisclosed property owner, a major real estate investor with a national platform.
The non-recourse, cash-out financing was arranged by George Smith Partners’ Gary Mozer, along with Kyle Howerton, Katie Rodd, Michael Anderson and Nicholas Rogers.
Mozer says, “This is a best-in-market asset owned by a deeply-experienced sponsor, who was seeking a proactive financing solution to deliver maximum flexibility during the property’s stabilization.”
The five-year, floating rate loan is priced at 2.35% over one-month LIBOR, with four years of interest-only payments and 35-year amortization during the fifth year of the term. The loan is sized to approximately 70% loan-to-value.
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