GSP

Rate: 3.97%
Term: 10 Year Fixed
Amortization: 30 Years
LTV: 57%
Prepayment: Step down
Guarantee: Non-Recourse

George Smith Partners secured a $3,500,000 permanent loan to refinance a 39‐unit garden style apartment complex located in eastern San Diego County, California. GSP sourced a capital provider that offered a flexible prepayment structure at a low rate. George Smith Partners worked with title to arrange a bond to protect our Sponsor when a non-reconveyed deed from 1989 appeared during due diligence. During the process of recording the bond and releasing the existing deed, funding was delayed and rates increased. Due to the strong relationship George Smith Partners has with the lender, they agreed to hold the 3.97% rate fixed for 10 years.

Advisors

Scott Meredith

Managing Director & Principal

Related Financings

Construction Loan for the Redevelopment of an 8-Unit/26 Bedroom Student Housing Community in Los Angeles, California

Acquisition Bridge Loan for a Newly Constructed 10-Unit Multifamily Property in Florida

Financing Placeholder

$23,500,000 Construction Financing for a 136,000 SF Industrial Park in a Southwestern State

Cash Neutral Refinance for Multifamily Property; Los Angeles, CA

Acquisition Financing for a 10-Acre Entitled Multifamily Site; Western State

$4,150,000 Acquisition Financing for Multi-Tenant Retail Center; Charlotte, SC

Bridge Financing for Cash-Out Refinance of a Special Purpose Property; Los Angeles, CA

Financing Placeholder

Land Financing for Entitled Land; Los Angeles, CA

Financing Placeholder

$38,500,000 Cash-Out Refinance of 98% Leased Grocery-Anchored Retail Center; Utah

Financing Placeholder

Unentitled Land Financing for Infill Multifamily Development; Los Angeles, CA

Financing Placeholder

$50,250,000 Acquisition Bridge Financing for a Multifamily Portfolio; Houston, Texas

Permanent Multifamily Financing; Los Angeles, CA