$13,600,000 for the Acquisition and Reposition of 199-Units in Mesa, Arizona

Rate: 30-Day LIBOR + 3.45%
Term: 36 Months plus Two 12-Month Extensions
Amortization: 36 Months Interest Only
Loan to Cost: 75%
Prepayment: 24-month spread maintenance; open thereafter
Guarantee: Non-Recourse
Lender Fee: 1.00%

Transaction Description:

George Smith Partners arranged $13,600,000 of bridge acquisition financing for a 199-unit apartment complex located in Mesa, Arizona. The Property, which was built in 1970, features a pool, bbq area, and playground. The units range from studios to 3-bedrooms and are currently 97% occupied. The Sponsor plans to renovate the exterior area to improve the overall appeal of the Property and address some deferred maintenance . The 3-year loan is sized to 75% LTC and has an interest rate that floats at 3.45% above 1-Month LIBOR. The non-recourse financing has 24 months of yield maintenance and has a 1.0% origination and 0.5% exit fee.

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