Transaction Overview
George Smith Partners arranged bridge financing for the acquisition of an 8-unit multifamily property in Mar Vista, California. The Property was operating at below-market rents and the Sponsor’s business plan included increasing rents to market rates, renovating the Property’s exterior and interior build, and a complete rehab to a detached home in the back of the Property. At time of loan application, the Subject Property was operating at a 75% occupancy rate, but by the time the appraiser went out to inspect the building the occupancy level dropped to 62% with no notice given. GSP worked closely with the Lender and the Appraiser to get them confident with the Sponsor’s ability to rehab the vacant units quickly and lease them up within the first 6 months of the loan.
