$6,000,000 Bridge Loan for a Condominium Development Property in the Bay Area

Transaction Description: 

George Smith Partners secured a $6,000,000 bridge loan for a condominium property in the Bay Area. The property received certificate of occupancy earlier this year and half of the units were successfully sold. The construction loan was coming due, so the Sponsor needed a quick close bridge loan that would give them time to sell the remaining units.

GSP was able to source a bridge lender that provided a fixed rate loan with no prepay. The loan allows the developer to release the remaining units from the collateral as they are sold. The refinance closed in just 3 weeks from the signed application.