$6,275,000 Bridge Financing for a 132-Unit Apartment Community; San Antonio, TX

Rate: 6.45% Fixed
Term: 3 Years
Amortization: Full Term Interest-Only
Loan-to-Value: 65%
Prepayment: 15 Months Minimum Interest Period
Loan Fee: 1% Origination Fee, 0.75% Exit Fee
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners placed a $6,275,000 bridge loan for the refinance of a Class-B 132-unit apartment community in San Antonio, TX. The loan is fixed at 6.45% for three years with full term interest-only payments. The term sheet was signed after the COVID-19 crisis and ensuing economic volatility. GSP identified a balance sheet lender with in-house loan servicing to work with the Sponsor throughout the reposition of the asset. The Property underwent a change in property management in the past few years and required some property maintenance in the reposition. GSP worked with the Client on the original acquisition bridge loan and had to re-evaluate the business plan once the market changed and occupancy dipped due to COVID-19.

 

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