![](https://www.gspartners.com/wp-content/uploads/2024/03/Mirabel.jpg)
Transaction Description:
George Smith Partners successfully placed a $9,850,000 bridge loan for the acquisition and renovation of an 86 unit, 1970 vintage residential community featuring two and three bedroom apartments in Grand Prairie, TX. GSP sourced a lender that was able to maximize proceeds at a fixed-rate rate while providing future capital expenditure funding for the Sponsor. The loan was sized to 66.4% Loan to As-Is Value and includes the full capital improvement and renovation budget. The sponsor intends on renovating approximately 75% of the units within the 3-year loan term.
- Rate: 8.75% Fixed
- Term: 3 Years, Two 12-month extensions
- Amortization: Full Term Interest-Only
- Loan-to-Value: 66.4% As-Is LTV
- Prepayment: 24 Months Minimum Interest Period
- Loan Fee: 1% Origination Fee, 1.00% Exit Fee
- Guaranty: Non-Recourse