$8,150,000 Non-Recourse Acquisition and Pre-Development Loan

Transaction Description: George Smith Partners successfully placed the acquisition and site development financing of a 36,320 square foot parcel fully entitled for a proposed 62-unit condominium tower in San Diego, California. The project is situated in a world class location adjacent to the renowned Balboa Park. The 12 month loan allows the developer to demolish the existing vacant medical office building and complete site work for vertical construction. The non-recourse loan was sized to 40% of total acquisition and site development costs, priced at Prime + 1.00% with a 5.0% floor. Vertical construction will be funded by an alternative capital source and is slated for June 2015.