Multifamily Bridge to Perm with Forward Rate Lock

George Smith Partners identified a national lender funding acquisition bridge/reposition multifamily assets with the ability to forward rate lock the permanent take-out loan. Non-recourse, interest only, bridge debt, from $5,000,000 to $50,000,000 are sized up to 85% of purchase price with pricing starting at 2.00% over LIBOR. A permanent loan with an 18 month forward rate lock commitment was recently priced at 4.25%. Forward pricing is based upon proforma leverage and dcr. Interest only will be considered on a case by case basis. The rate lock alleviates the potential risk of a rising interest rate market for Borrowers while the asset stabilizes.