$8,975,000 Bridge Financing for Infill Land Portfolio in Los Angeles, California

Transaction Description: 

George Smith Partners arranged an $8,975,000 facility for the non-recourse refinance of an eight-property portfolio of land in various infill locations in Los Angeles. GSP arranged 5 separate pre-development loans on the portfolio that came due in 2024. GSP worked with our client and the lender to restructure the financing into a single loan, cross collateralized with one low interest rate. All eight properties are in the pre-development stage for multi-family ground-up development.  The Sponsor needed a lender that could provide bridge financing prior to construction and allow for release provisions as the properties become ready for ground-up development. GSP was able to identify a lending source that understood the market and demand for multifamily development in these locations.

Rate: 8.90% fixed

Term: 13 months

LTV: 60%

Amortization: Interest Only

Origination Fee: 1.00%

Exit Fee: None

Prepayment: Open

Guaranty: Non-Recourse

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