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$45,570,000 Non-Recourse Construction Completion and Inventory Financing for a 77-Unit Residential Condominium Development; Downtown Los Angeles

All Terms Confidential

Transaction Description:

George Smith Partners successfully arranged a $45,570,000 construction completion and inventory loan for a mixed-used residential condominium development project in the Little Tokyo neighborhood of Downtown Los Angeles. The non-recourse loan refinanced the existing construction debt, provided additional proceeds to complete the development, and additional term for unit sales. The 77-unit project features 2,400 square feet of ground floor retail and an 8,000 square foot rooftop amenity area. It is slated to deliver in Q2 2022.

GSP ran a robust process, fielded multiple proposals and was able to identify a lender with whom we shared a long-standing relationship offering favorable terms in a challenging market. The selected lender understood the story around recovery, the value of the asset due to a dearth of new condominium product in the market and the ability of the Sponsor to execute on the intended business plan.

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