Transaction Overview
George Smith Partners successfully placed an acquisition bridge loan for the rehabilitation and renovation of 22 multifamily rental units in Koreatown, Los Angeles. Funding included $800,000 of future capital improvements for the planned rehab of units. Sized to future stabilized value, this loan allows for an increase in debt coverage ratios and debt yields as the property continues to improve financially. Floating over Prime plus 1.0%, the two year loan was sized to 75% of total capitalization.
