Multifamily

GSP arranged $64,800,000 in first mortgage debt financing and $31,700,000 in joint venture equity (96.5% of the Sponsor’s total costs) on a 396-unit Class A- multifamily asset and a 379-unit Class B+ multifamily asset, both in the Pacific Southwest. The transactions include 65% loan-to-cost, LIBOR-based interest only non-recourse first mortgage financing on each property from a money center bank. Equity is a 90/10 co-invest between the Sponsor and an institutional equity partner. Additionally, GSP arranged $13,100,000 in joint venture equity for the same sponsor on a third Pacific Southwest 352-unit Class A multifamily asset under the same 90/10 structure. All three properties will undergo interior and exterior renovations financed by future funding’s from the first mortgage lender, which will equip these assets with some of the best amenity packages and highest quality interiors in the submarkets.