Rate: 5.75% Fixed
Term: 1 Year
Amortization: Interest Only
Extensions: Two 6-Month Options
George Smith Partners secured a $23,500,000 bridge loan for a brand-new mixed-use project located in Santa Clarita, CA. The non-recourse loan will be utilized to refinance the Project’s construction debt and capitalize outstanding TI/LC’s. The loan represents 80% loan to value and is structured with a 1-year initial term with interest only payments. The loan allows for open prepayment and carries two 6-month extension options.
The loan is secured by a recently constructed mixed-use development comprised of 47 Class-A apartment units situated above 20,918 SF of street level retail. This transformative project is a focal point for the continued modernization of the City of Newhall. The Project’s design is indicative of the times where enhancements to public transit connects renters in search of larger amenity filled accommodations with the further suburban pockets of the greater LA Metro. The Subject is shadow anchored by the highly anticipated seven-screen Laemmle Theater and a newly built 372 stall public parking structure which serves the popular Downtown Newhall district.
The loan was placed with many COVID related shutdowns in effect. GSP was able to secure a lender that underwrote to the stabilized NOI, closed with no debt service reserve, no recourse, and funded while several retail tenants were completing their buildouts. GSP selected a lender than could move quickly. The Lender did not require an appraisal and funded within three weeks after issuing an application.
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- No related financings.