$4,075,000 for Purchase of 38 Unit Seattle Multifamily Property; Sized to 1.2 DCR on an Actual Mortgage Constant

Transaction Description:

George Smith Partners sourced an acquisition loan for a newly constructed 10-unit multifamily property in Florida. The borrower closed on the vacant property just after Certificate of Occupancy was received. Although the loan went into application several months ago, the seller was delayed in obtaining the C of O. Despite fluctuations in the capital markets, the lender held the fixed rate of 10.25%. The loan has a 9-month term with one 3-month extension option. A small interest reserve was structured to cover the initial payments while the property leases up.

Transaction Description:

George Smith Partners successfully arranged a non-recourse, stretch senior, construction loan of $9,800,000 for the ground up construction of a 36-unit mixed-used development in the submarket of a Southwestern State. GSP, through their expertise in multifamily development financing and strong relationships with a wide range of lenders, was able to negotiate favorable terms for their client including pari passu funding. The loan was priced at an 11.5% fixed rate with three, three-month extension options.

Building upon the Sponsor’s local market knowledge, the GSP team effectively packaged and supported the client’s 70% LTC financing request for the project’s duration. Upon completion, the project is poised to become a standout addition to the city’s Art’s District.

Transaction Description 

George Smith Partners successfully arranged a $15,800,000 bridge loan for a newly constructed 91-Unit apartment complex in the Inland Empire. The complex is age restricted for independent senior living, 55 and over. Amenities include resort style pool, spa/hot tub, fitness center, recreation room, BBQ-Picnic area and hair salon. Demand has been strong as lease up began in May and the property is expected to be fully stabilized over the next few months. The financing allows borrower to push income and time an agency perm loan as rates (hopefully) decline.

Transaction Description:  

George Smith Partners successfully placed a $9,850,000 bridge loan for the acquisition and renovation of an 86 unit, 1970 vintage residential community featuring two and three bedroom apartments in Grand Prairie, TX. GSP sourced a lender that was able to maximize proceeds at a fixed-rate rate while providing future capital expenditure funding for the Sponsor. The loan was sized to 66.4% Loan to As-Is Value and includes the full capital improvement and renovation budget. The sponsor intends on renovating approximately 75% of the units within the 3-year loan term.

Transaction Description:

George Smith Partners arranged a 12-month bridge loan for the acquisition of a vacant 10-unit multifamily property. The Sponsor expected that the property would lease up quickly, so they requested a short-term bridge loan with no prepay. GSP was able to source a lender that provided proceeds of 72% of the purchase price. The non-recourse loan is fixed at 10.75% and can be paid off at any time with no penalty. Once the property is stabilized, the Sponsor expects to refinance into a perm loan. 

Transaction Description:

George Smith Partners secured 65% LTC financing on infill land in Los Angeles. The land currently has a vacant apartment building which will be demolished for future apartment construction. The financing provided liquidity for the Sponsor and is pre-payable at any time. GSP was able to identify a lending source that understood the market and demand for multifamily development in this location.