$4,584,000 Non-Recourse Acquisition and Renovation of an 84-Unit Bradenton, Florida Rental to 75% of Cost

George Smith Partners arranged $4,584,000 of non-recourse financing to acquire and renovate an 84-unit garden-style multifamily apartment in Bradenton, Florida. Located within close proximity to many national retailers, top employment centers, our Sponsor will renovate 100% of the units and add an additional $145,000 in exterior improvements. GSP identified a capital provider willing to advance to 70% of the appraiser’s “as renovated” value and 75% of the purchase price. Proforma operating expenses were underwritten and supported with the Sponsor’s operational experience in this market.