$5,000,000 140-unit Apartment Non-Recourse Acquisition to 80% LTV in a Secondary Market

George Smith Partners arranged $5,000,000 in non-recourse acquisition financing for the purchase of a 140-unit apartment building in Jacksonville, Florida. The five year loan floats at 4.27% for 12 months of interest only payment and was sized to 80% of purchase. The loan is also complemented by borrower-friendly prepayment options. George Smith Partners was able to structure the loan to accommodate the TIC (Tenants-in-Common) ownership structure that was preferred by our Sponsor to take advantage of a 1031 exchange option.