$9,850,000 Bridge Financing for an 86-Unit Multifamily Acquisition in Grand Prairie, Texas

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

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