Transaction Overview
George Smith Partners secured $4,600,000 of senior construction financing for the development of a 19-unit ground-up multifamily building in Los Angeles, California. The construction loan floats at a rate of Prime + 1%. The 75% loan-to-cost construction loan also comes with the option to convert to a 5-year mini-perm loan upon completion based on the 5-year Treasury plus a margin of 2.25%, with a 3.50% floor, eliminating any future financial risks. GSP sourced a lender that was able to move efficiently and most importantly accommodate the Borrower’s development timeline and experience.
