Rate: 4.74%
Amortization: 3 Years Interest Only: 30 Year Amortization thereafter
LTV: 75%
Term: 12 Years
Prepayment Penalty: Yield Maintenance for 11 Years 6 Months
Guaranty: Non-Recourse
Lender Fee: Par
George Smith Partners secured $10,500,000 non-recourse acquisition permanent financing to purchase a 216-unit, 1970s vintage multifamily property in Jacksonville, FL. The six building property sits on a 12-acre site and is well located near the Oakleaf Town Center. Amenities include swimming pool, fitness center, and a playground. The sponsor acquired the property to take advantage of an opportunity to upgrade units and increase rents. Proceeds included $402,000 for interior unit improvements, exterior improvements, and exterior deferred maintenance. GSP sourced a Capital Provider who underwrote pro forma expenses by recognizing the incoming property management company’s track record for efficiently managing similar properties in the market.
Advisors
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Steve Bram
Managing Director & Principal / GSP Co-Founder
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David R. Pascale, Jr.
Senior Vice President
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Allison Higgins
Senior Vice President
Related Financings
- No related financings.
