$13,695,000 Acquisition / Permanent Financing for Multi-Family Complex in Moreno Valley, California

Transaction Description:  GSP successfully arranged a $13,695,000 seven year, fixed rate loan to acquire a distressed multi-family asset in the Inland Empire. The property was lender-owned at acquisition and had three different property managers in 2010. As a result, the property suffered from a high tenant delinquency and economic vacancy rate. Based on the buyer’s experience owning and operating multi-family assets, George Smith Partners identified a lender that recognized the property would rebound under new, hands-on ownership and management. Despite the lack of reliable historical operating history, GSP was able to secure maximum leveraged proceeds that offered three years of interest only debt service before rolling into a 30 year amortized schedule.