$15,001,000 

Transaction Description: 

George Smith Partners arranged $15,001,000 in acquisition financing of The Millennium Apartments, a 207-unit, 1983 vintage, Class B multifamily community in Dallas, TX. The Lender provided proceeds equating to 72% of purchase price and a 8.22% debt yield. The loan featured a 7-year, fixed rate term at 5.11% (after rate buydown) with 4-years interest only and was secured through GSP’s correspondent relationship.  

The Sponsor benefited from an improving collections trend during the contract period which resulted in a higher leverage while maintaining attractive going-in cash-on-cash returns.