$17,200,000 Acquisition Reposition Bridge Loan for a Broken Condo Project 

Transaction Description: 

George Smith Partners arranged the $17,200,000 acquisition bridge financing for the reposition of a 125-unit broken condo building with 6,400 square feet of first floor commercial space. The acquisition bridge loan was sized to 76% loan to cost. The loan was structured with the initial funding to close on 120 units and the commercial space with a future funding component to execute a comprehensive value add program and provide funds to acquire the remaining five condo units. The loan is floating at SOFR plus a spread of 3.50% and is interest only. The term of the loan is a three-year initial term with two one-year extensions.  

Despite volatile capital markets conditions during closing, GSP worked with the lender to ensure certainty of execution and hit a tight closing timeline per the PSA.