Transaction Overview
George Smith Partners successfully placed $9,870,000 of acquisition debt on a 74-unit Class A Nashville, Tennessee apartment community constructed in late 2014. The 70% leverage loan is fixed at 4.53% and has Interest Only payments for seven years of the 10 year term, allowing the Sponsor to maximize cash flow while also eliminating interest rate risk with a low long term fixed coupon. Lender provided an early rate lock option in a volatile interest rate environment despite a lack of property operating history due to new construction.
