Transaction Description:
George Smith Partners successfully placed a $14,500,000 bridge loan for the lease-up of a newly constructed 54-unit apartment building in Los Angeles, California. The bridge loan refinanced the construction loan at maturity and provided time to stabilize the Property. GSP sourced a Lender that was able to provide cash neutral financing and fix the interest rate for the duration of the loan term. The financing is open for prepayment at any point throughout the loan term with a minimum of 12 months interest paid.
- Rate: 7.75% Fixed
- Term: 2 Years, One 12-month extension
- Amortization: Interest-Only
- Loan-to-Value: 70%
- Prepayment: 12 Months Minimum Interest Period
- Loan Fee: 1% Origination Fee, 0.50% Exit Fee
- Guaranty: Non-Recourse
