Term: 36 month term + Two, 12-month extensions
George Smith Partners arranged $60,000,000 of ground-up construction debt for a mixed-use, luxury multifamily development to build a 241-unit Woodland Hills apartment project that will include 34,139 square feet of retail. GSP sourced a lender comfortable with the Sponsor’s lack of experience, exposure issues and ability to execute on the development plan. This property is located within the Warner Center 2035 Plan, a development blueprint for Warner Center that emphasizes mixed-use and transit-oriented development, walkability, and sustainability. Sized to 70% of cost, the three year term has two – 12 month options that float at 250 basis points over LIBOR.
- No related financings.