Transaction Description:
George Smith Partners successfully arranged $37,716,000 in bridge financing for the refinance of a 78-unit multifamily property in the prestigious Hancock Park neighborhood of Los Angeles. The Property includes 63 vacant units that are scheduled for full interior renovations as part of the Sponsor’s value-add strategy. The loan proceeds include construction dollars for the interior unit renovations, common area upgrades, and parking improvements.
Despite the challenging market dynamics, GSP was able to secure a highly competitive bridge facility that enables the sponsor to execute their business plan and revitalize the generational asset. Located in the heart of Hancock Park, close to the Larchmont Village shopping and dining district, the property is poised to become one of Los Angeles’s premier apartment communities.
The loan provides the sponsor with the flexibility to implement their renovation strategy and ultimately lease up and stabilize the property. GSP is proud to contribute to the redevelopment of housing in Los Angeles while arranging competitive and complex financing for real estate professionals.
Advisors
