Texas

George Smith Partners placed the refinance of a 63% occupied multifamily asset in San Antonio, Texas. The existing cmbs loan had ballooned and the Sponsor was facing eminent foreclosure. One of the 11 housing structures had recently suffered total roof failure and although had been replaced, additional water damage repairs were necessary prior to releasing the vacant building. Additional capital repairs were also required around the campus in order to re-stabilize the property. An initial $4,050,000 was funded at close to satisfy the current lender default while $220,000 was set-aside to fund immediate repairs. Sized to 60% of stabilized value, the two year interest only loan is priced at 7.875% and carries a 1 point exit fee.