George Smith Partners secured permanent financing for two newly renovated/repositioned Class C apartment communities in San Diego. Two separate loans were originated for the same Sponsor for the 14-unit and 5-unit multifamily communities.
The Properties were in the process of being completed and leased when the Borrower went under application with a bank. Despite the longer than normal application process and rising interest rate environment, GSP was able to get the bank to extend the rate lock and obtain a favorable coupon.
