Transaction Overview
George Smith Partners secured $10,500,000 non-recourse acquisition permanent financing to purchase a 216-unit, 1970s vintage multifamily property in Jacksonville, FL. The six building property sits on a 12-acre site and is well located near the Oakleaf Town Center. Amenities include swimming pool, fitness center, and a playground. The sponsor acquired the property to take advantage of an opportunity to upgrade units and increase rents. Proceeds included $402,000 for interior unit improvements, exterior improvements, and exterior deferred maintenance. GSP sourced a Capital Provider who underwrote pro forma expenses by recognizing the incoming property management company’s track record for efficiently managing similar properties in the market.
