Transaction Overview
George Smith Partners arranged $5,100,000 in financing for entitled land designated for a 69-unit multifamily development in Los Angeles. The borrower acquired the original parcel 17 years earlier as a fully occupied 32-unit property, which was subsequently vacated and demolished. Ground-up construction was slated to commence in late 2024. The property also has an approved condo tract map allowing flexibility between rental and for-sale units. GSP utilized broad per-acre comparables rather than per-unit metrics for valuation, and the appraisal established land value exceeding the original purchase price despite demolition of the previous structure.
