Transaction Overview
George Smith Partners placed the 70% loan-to-cost acquisition and construction financing for a speculative single family residence in West Los Angeles. The sponsor’s plan was to acquire an outdated single family property, and re-develop a 4,200 square foot luxury home. Although this was only the Sponsor’s second speculative single family residence, George Smith Partners was able to emphasize the project’s location and basis to ultimately achieve lender comfort with the requested leverage. Sized to 70% of total cost and 60% of as-completed value, the interest only loan will float at 1.00% over the WSJ Prime for 18 months.
