GSP

October 2023

Transaction Description:

George Smith Partners secured 65% LTC financing on infill land in Los Angeles. The land currently has a vacant apartment building which will be demolished for future apartment construction. The financing provided liquidity for the Sponsor and is pre-payable at any time. GSP was able to identify a lending source that understood the market and demand for multifamily development in this location.

Rate: 8.90% Fixed
Term: 12 months with two 6-month extension options
Amortization: Interest Only
Origination Fee: 1.00%
Exit Fee: None
Prepayment: Open
Guaranty: Non-Recourse

Advisors

Steve Bram

Managing Director & Principal / GSP Co-Founder

David R. Pascale, Jr.

Senior Vice President

Nick Rogers

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