$24,100,000
Transaction Description:
George Smith Partners successfully arranged $24,100,000 in non-recourse senior debt financing for the acquisition of a 168-unit Class-A multifamily community delivered in 2023 in the St. Louis MSA.
The financing supports a value-add business plan focused on lease-up stabilization and mark-to-market rents. The acquisition presents significant upside through absorbing remaining vacancy and implementing targeted capital improvements including rooftop terrace upgrades, leasing office remodeling, enhanced security systems, and additional amenities.
The senior loan is structured with a 36-month initial term and two 12-month extension options, full-term interest-only.
Rate: SOFR + 2.95%
Leverage: 71% loan-to-cost
Term: 36-month initial term with two 12-month extension options
Amortization: Interest-Only
Guaranty: Non-recourse with standard carve-outs
Financing Team
Michael Anderson-Mitterling
Managing Director
Saman Yazdi
Vice President
Nicholas Drohan
Vice President
Grant Pugatch
Vice President
Adrian Diaz-Infante
Analyst I
