Acquisition Bridge Loan for a Newly Constructed 10-Unit Multifamily Property in Florida

Transaction Description:

George Smith Partners sourced an acquisition loan for a newly constructed 10-unit multifamily property in Florida. The borrower closed on the vacant property just after Certificate of Occupancy was received. Although the loan went into application several months ago, the seller was delayed in obtaining the C of O. Despite fluctuations in the capital markets, the lender held the fixed rate of 10.25%. The loan has a 9-month term with one 3-month extension option. A small interest reserve was structured to cover the initial payments while the property leases up.

  • Rate: 10.25% fixed
  • Term: 9 months with one 3 month extension
  • Origination Fee: 1%
  • Guaranty: Non-Recourse

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