George Smith Partners placed a bridge/rehabilitation take-out loan 18 months after placing the initial acquisition debt. Our Sponsor was able to recapture a portion of their cash equity due to the significant improvements in the physical plant and operations. The subject property underwent heavy renovations and had just reached re-stabilization at the time of the perm-loan funding; underwritten from just three months of operating history. Fixed at 4.11% for the first five years, the 20 year loan term offers one year of interest only and will float at 2.75% over the 6 month LIBOR for the remaining 15 years.
