Transaction Overview
George Smith Partners successfully placed the financing to acquire unentitled land for a to-be-built multifamily development near Culver City, Los Angeles County, California. The Subject is zoned C-2, and is currently improved with an auto-repair facility that has been in operation since 1947. The surrounding parcels are a mixture of multifamily and commercial. Floating over LIBOR with a 4.5% spread subject to a 6.5% floor, the loan was sized to 80% of the purchase price for the 12 month term. Interest is paid monthly on an interest only basis from a lender funded interest reserve.
