Texas

George Smith Partners placed the $10,400,000 acquisition loan for a 248 unit garden style apartment in Texas to 75% of purchase.  This is our client’s first commercial asset in this region.  Our Sponsor was purchasing this asset in an exchange and therefore required certainty of execution to close on time and as applied for.  Maximum leverage tied with a lengthy interest-only period was needed to achieve the desired business plan.  Despite turmoil in the capital markets, the loan funded at the applied for proceeds, rate, and term.  Fixed for 10 years at 4.99%, the first five years are interest-only prior to rolling into a 30 year amortization schedule.