Transaction Overview
George Smith Partners successfully arranged $22,955,000 of condo inventory financing for a 27-unit luxury condo property in Los Altos, CA. The proceeds were used to replace the existing construction loan and to provide additional terms to sell off the remainder of the unsold units. GSP received several term sheets and was able to negotiate attractive terms for the borrower.
The borrower is an expert in this submarket and has a proven track record of delivering high-quality projects. Their expertise and reputation allowed GSP to secure favorable terms that not only facilitated the refinancing of the construction loan but also provided the necessary runway to market and sell the remaining units. The loan was able to close within 30 days of a signed term sheet.
