Rate: 8.60% Fixed
Term: 12 Months with One 6-Month Extension Option
Amortization: Interest Only
Origination Fee: 1.00%
Exit Fee: None
Prepayment: Open
Guaranty: Non-Recourse
Transaction Description:
George Smith Partners arranged $10,975,000 of financing for the non-recourse refinance of a 5-property portfolio of land parcels in various infill locations in Los Angeles, CA. Most of the land is not fully entitled and is in the pre-development process for multi-family ground-up development. The Sponsor needed a lender that could provide structure for the different ownerships and allow for release provisions as the properties become ready for construction.
GSP accomplished the Sponsor’s goal of providing liquidity for potential acquisitions with debt that was also pre-payable at any time. GSP was able to identify a lending source that understood the market and demand for multifamily development in these locations.
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
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Nick Rogers
Vice President
Related Financings
- No related financings.
