Non-Recourse Acquisition Loan for West Hollywood Multifamily Property

Transaction Description: George Smith Partners secured a non-recourse acquisition loan for a 15-unit value-add multifamily property in West Hollywood. The Sponsors are highly experienced owner/developers of Southern California retail and multifamily real estate. Although the property is in excellent location, most of the units lacked full kitchens, kitchenettes, and sinks. Our Sponsor’s considerable experience in repositioning assets at market rents, in conjunction with the subject’s phenomenal location allowed our capital provider to offer 65% of purchase with the first year paid on an interest-only basis. Fixed at 3.15% for five years, the loan will float at 225 over LIBOR for the remaining term.