Transaction Description:
George Smith Partners has sourced a construction loan for the redevelopment/repositioning of a proposed 8-unit/26-bedroom student housing community in Los Angeles just two blocks away from the University of Southern California.
The Sponsor is one of the premier private student housing operators in the market with a track record of delivering best-in-class off-campus housing. The Sponsor’s portfolio includes 60 buildings/600+ bedrooms located within the Project’s competitive neighborhood. Despite fluctuations in the capital markets, GSP secured attractive financing for the Sponsor to commence and execute their business plan.
- Proceeds: $5.65M
- Rate: Prime +1%
- Term: 18 months + one six-month extension
- Origination: Fee: 2.5%
- Guaranty: Non-Recourse
