Term: 10 year fixed
Amortization: 25 years
Prepayment: No prepayment penalty
George Smith Partners secured $10,000,000 for the cash-out refinance of a newly constructed Class A single-tenant office building located in Pleasant Grove, Utah. Our Sponsor required a cash-out refinance to pay-off a maturing construction loan for a non-investment grade privately owned tenant. With strong sponsorship and an experienced real estate investor, GSP identified a lender who was is comfortable with 65% loan to value. Fixed for ten years at 4.4%, the loan amortizes for the 25-year term and no prepayment penalty.
$45,000,000 Bridge Loan – Construction Refinance for a 131-Key Luxury Lifestyle Hotel in San Francisco
March 14, 2018
George Smith Partners successfully closed a construction take-out and bridge refinance for a 131-key luxury/lifestyle hotel located in the heart of the trendy Mid-Market neighborhood of San Francisco. The proceeds were used to refinance costlier construction financing, including a large mezzanine facility. The loan featured an interest reserve, T&I reserve, and a working capital reserve. Additionally, the existing capital stack included Historical and New Market Tax Credits, and EB-5 Capital – adding to the overall complexity of the Transaction.
GSP’s mandate was to source a lender who not only had the existing wherewithal to understand the complex existing capital stack, but also one who would recognize the value in the unique and strategic positioning of the Hotel. From non-traditional lodging options, to significant Food and Beverage offerings, the Hotel stands out from the traditional hotel offering by spanning over multiple lodging markets: luxury and lifestyle. The seasoned Sponsorship group has a proven track record of developing and operating hotels of similar caliber.
The selected lender was able to recognize the unique positioning of the property’s offering and the strong sponsorship involved in the project.
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