GSP

Transaction Description

George Smith Partners successfully arranged a $15,800,000 bridge loan for a newly constructed 91-Unit apartment complex in the Inland Empire. The complex is age restricted for independent senior living, 55 and over. Amenities include resort style pool, spa/hot tub, fitness center, recreation room, BBQ-Picnic area and hair salon. Demand has been strong as lease up began in May and the property is expected to be fully stabilized over the next few months. The financing allows borrower to push income and time an agency perm loan as rates (hopefully) decline.

Rate: 30 Day Term SOFR + 3.95% Floating
Term: 12 Months plus 2, 6 - month extensions
Amortization: Interest Only
Origination Fee: 0.5%
Guaranty: Non-Recourse

Advisors

Steve Bram

Managing Director & Principal / GSP Co-Founder

David R. Pascale, Jr.

Senior Vice President

Nick Rogers

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