Transaction Overview
George Smith Partners arranged $17,610,000 in bridge financing for the acquisition of a fully operational 30-unit, waterfront, trophy asset on San Diego’s coastline in the Village of La Jolla. Sized to 83.9% of actual cost with 25% recourse. The 24-month term includes a 1-year extension option and is priced at LIBOR + 6.35%. The transaction closed in less than 2 weeks from the execution of the application.
GSP was able to source a wide array of competitive lenders that recognized both the strength of the real estate and the Sponsor’s ability to execute on the opportunity. Ultimately a capital provider was selected who was willing to work quickly and efficiently despite the variables and moving pieces that created substantial complexity. GSP was able to negotiate that several key items be finalized post-close.
