Rate: 5.25%
Term: 18 Months
Amort: Interest Only
LTC: 72%
Prepayment: None
Non-recourse
Transaction Description: George Smith Partners successfully placed the $8,240,000, single-phase construction loan to build 14 condominiums in Carlsbad, California. Our Sponsor requested a high-leveraged, quick close execution for this acquisition but lacked sufficient liquidity for most institutional lenders. Private money yields were not palatable due to the strong coastal location. GSP identified a regional bank that mitigated liquidity concerns with the strength of the Sponsor’s development experience and the residential market strength. Structured to 72% of cost, the 18 month loan floats at 0.75% over WSJ Prime with a floor of 5.25%.
Advisors
Related Financings
- No related financings.
