Transaction Overview
George Smith Partners placed a $5,108,000 permanent loan for a 160-unit class B garden style multifamily building in a tertiary market located in the southwestern United States after arranging the acquisition loan in late 2016. During underwriting, the existing national management company exited the market on 30 days’ notice with a looming loan maturity. GSP worked with the lender to demonstrate that the Sponsor had assembled an experienced team in their newly formed management company which allowed the lender to get comfortable with the Sponsor self-managing the asset without a track record of management in similar assets. Fixed for 10 years at 4.77%, the non-recourse loan is interest only for the first 5 years and 30-year amortization thereafter.
