$5,810,000 Non-Recourse Bridge Loan to Acquire and Renovate a 117-Unit Apartment in Dallas, TX

Transaction Description: George Smith Partners arranged $5,810,000 of non-recourse, bridge financing to acquire and renovate a 117-unit multifamily apartment in Dallas, TX. The property is well-located in the North Dallas sub-market with visibility to over 192,000 cars per day. Although the property is 97% occupied, current rents are 10% or more below market. The business plan is to renovate 77% of the units, develop one additional unit, and improve the exterior. These renovations will help bring rents closer to market. GSP was able to source a Capital Provider to structure $5,470,000 of loan proceeds to be funded at closing and include a $340,000 capital expenditure reserve to be future funded. This Capital Provider was able to get comfortable with both the Sponsor’s operational history and the fact that a portion of the equityis crowd funded.