The unnamed buyer of the retail portion of the Burbank Collection – the GPI Cos. sold for $ 27 million – has secured funding for the deal. George Smith Partners secured $ 19.9 million on the deal with maximum proceeds as the loan was valued at 76.5% of the purchase price and 75% of the value.
The lender was not disclosed. However, the loan terms include a total interest rate of 157 basis points over 10 year swaps and three year interest payments.
The Burbank Collection's retail space is 39,000 square feet and includes a yard house, Panera Bread, Pinkberry and Boiling Crab, and Barneys Beanery and Steak & # 39; N Shake. It is located in a mixed-use condominium building.