Transaction Overview
George Smith Partners successfully placed the $3,930,000 bridge loan for the acquisition of a beachfront retail building located in Venice, California. A high value per square foot limited most lenders to 50% leverage or less. The sponsor’s Joint Venture agreement stipulated a minimum 60% of purchase price for the acquisition loan. GSP identified a regional bank that stretched to 60% LTC supported in part by the strength of the Sponsor’s development experience and balance sheet. The three-year term loan is interest only and fixed at 4.25% for two years before floating at .50% over WSJ Prime.
