Florida

George Smith Partners secured $6,798,000 for the acquisition financing of a 130-unit apartment building located in Kissimmee, Florida. At the time of purchase, the subject was operating at below-market rents and inflated expenses. Our institutional capital provider underwrote lower projected operating expenses supported by current market information and the property manager’s successful management track record. This allowed our Sponsor to qualify for full proceeds at 80% of purchase price. Fixed at 4.26% for 12 years, the non-recourse loan amortizes over 30 years and did not have an origination fee. This is the fifth transaction that George Smith Partners has completed with this Sponsor.