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| Converse Retail Store, Santa Monica, CA |
LOS ANGELES, CA (Dec. 10, 2012) – Commercial real estate
investment banking firm George Smith Partners has successfully arranged a $7
million full cash-out loan for a private client on the client’s 7,500
square-foot property, located on Santa Monica’s Third Street Promenade.
The current building
tenant is a Converse retail store, the brand’s first West coast
location, according to Vice President Marc Schillinger of George Smith
Partners.
“Third Street Promenade has been evolving into Southern
California’s premier retail and entertainment destination, and as such, values
and rents on a per-square-foot basis have become among the highest in Southern
California,” explains Schillinger.
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| Marc Schllinger |
“The high
loan-per-square-foot of $933 was a challenge when finding the appropriate
lender for our client, as lenders are often unaccustomed to this high-value
market and get nervous at such a high loan-per-square-foot price.”
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| Third Street Promenade, Downtown Santa Monica, CA |
An additional challenge in this particular transaction was
that the fixed-rate term the client was seeking exceeded the building’s current
tenant (Converse)’s lease term by six years.
Barbara Tenzer
of Tenzer Commercial represented the lessor, contributing her local market
expertise and firsthand knowledge of the lease to George Smith Partners to
support the rent and value assumptions on the promenade, according to
Schillinger.
For a complete copy of the company’s news release, please contact:
Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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