Transaction Overview
George Smith Partners successfully arranged the $1,900,000 senior loan for the acquisition of an unentitled three-parcel assemblage in the Pico/Robertson area of Los Angeles, in conjunction with a refinance of a Culver City triplex. Cash-out proceeds from the triplex were credited to the acquisition of the land assemblage. The same capital provider funded both transactions in order to accommodate the timing of a 1031 exchange. The land assemblage and triplex were both sized to 60% of the purchase price/value and priced at 8.9% and 8.4% respectively for the 12 month term. The entire transaction executed within 8 days of GSP being introduced to the opportunity.
