|
|
|
| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
5.25% |
| CODI* |
2.025% |
| 3 Mo. T’s (YTM) |
2.34%
|
| 6 Mo. T’s (YTM) |
2.65% |
|
| 5 Yr. U.S. T’s |
3.64% |
| 10 Yr. US T’s |
4.14% |
| 30 Yr. US T’s |
4.64% |
| 12-MAT |
1.887% |
|
| LIBOR - 1 mo. |
2.53% |
| LIBOR - 3 mo. |
2.70% |
| LIBOR - 6 mo. |
2.92% |
| LIBOR - 1 yr. |
3.24% |
|
|
| Tier 2+ (80% LTV) |
5.34% |
| Tier 3+ (65% LTV) |
5.20% |
| Tier 4+ (55% LTV) |
5.06% |
| 10 yr. term/30 yr. amort. |
|
|
|
|
|
12th CONSECUTIVE RECORD YEAR FOR GEORGE SMITH PARTNERS
|
|
$2,801,062,072 in 2004
20% increase over 2003
253 Transactions – With 81 Lending and Capital Sources
George Smith: 12½ years and counting and it keeps getting better. Since George Smith Partners was founded in July 1992, we have increased (1) Volume (2) Number of Closed Transactions and (3) Number of Capital Sources every year.
2004 was the year where our production staff matured at all levels and we had a significant expansion of production personnel supporting senior producers, increasing productivity throughout the firm. GSP is commissioned based and this was reflected in record performances by every member of the company. We had several truly spectacular years by key members, a reflection of maturity, repeat business and exceptional institutional relationships.
I was impressed by our breadth of financing. We pride ourselves in finding solutions and this often means finding “the needle in the haystack.” Debt and equity was arranged in 28 property categories including many specialized property types. Core business still dominated our financing activity with CMBS again leading production at $922,038,000 (32.9%) closely followed by bank financing of $883,160,580 (31.5%).
At no time in my nearly 37 years of arranging real estate financing have borrowers enjoyed the variety of financing alternatives or the competitive pricing and terms that are currently available. New capital sources, primarily CMBS lenders and opportunity funds, entered the market introducing a variety of debt and equity instruments filling competitive market niches. More sources means more options and increased competition on deals.
Not a week goes by where we don’t have at least two financial institutions giving breakfast or luncheon presentations to us. Because of our volume, pipeline, deal quality and market knowledge, we are able to offer our clients the cutting edge of financing alternatives. Our collective longevity in the business allows us to access the most senior decision makers at the institutions. This enables us to structure rates and terms often not being quoted to the general market. Our lender database enables us to identify which lenders are best able to provide the financing structure to fit our borrower’s need.
Our production staff has grown to 7 partners, 17 originators and a total of 36 professionals working in a culture that rewards productivity.
We look forward to another great year in 2005!
|
|
2004 GSP REAL ESTATE FINANCING
|
| Property Category |
|
|
|
Lender Type |
|
|
| |
No. |
Amount |
|
|
No. |
Amount |
| Apartments |
94 |
$1,114,429,306 |
|
CMBS |
67 |
$922,038,000 |
| Retail |
48 |
$664,141,500 |
|
Bank |
108 |
$883,160,580 |
| Office |
31 |
$219,762,000 |
|
FNMA |
19 |
$328,522,428 |
| Land |
13 |
$158,906,000 |
|
Credit Company |
20 |
$251,754,000 |
| Industrial |
17 |
$105,414,000 |
|
Private Placement |
15 |
$192,550,000 |
| Condominiums |
11 |
$104,099,000 |
|
Life Company |
6 |
$79,910,000 |
| Hotel |
2 |
$83,500,000 |
|
Opportunity Fund |
13 |
$85,841,064 |
| Office/R&D |
2 |
$80,250,000 |
|
Mortgage REIT |
4 |
$38,530,000 |
| Single Family Residential |
5 |
$54,760,266 |
|
Land Fund |
1 |
$18,756,000 |
| Congregate Care |
1 |
$30,000,000 |
|
|
|
|
| Water Bottling Plant |
1 |
$30,000,000 |
|
|
|
|
| Skilled Nursing |
4 |
$27,760,000 |
|
Financing Types |
|
|
| Mixed Use |
4 |
$25,830,000 |
|
|
No. |
Amount |
| Self Storage |
4 |
$20,550,000 |
|
Permanent |
142 |
$1,627,151,428 |
| Office-Jewelry Mart |
1 |
$18,000,000 |
|
Bridge |
72 |
$854,633,311 |
| Medical Office |
3 |
$20,940,000 |
|
Construction |
15 |
$194,640,000 |
| Theater |
1 |
$14,000,000 |
|
Equity |
16 |
$70,302,333 |
| Hospital |
1 |
$6,750,000 |
|
Mezzanine |
2 |
$24,800,000 |
| Casino |
1 |
$6,000,000 |
|
Second |
3 |
$12,285,000 |
| Mobile Home Park |
2 |
$5,000,000 |
|
Sale |
1 |
$10,000,000 |
| Estate Home |
3 |
$3,870,000 |
|
Forward Commitment |
1 |
$4,250,000 |
| Parking Lot |
1 |
$2,500,000 |
|
Credit Line |
1 |
$3,000,000 |
| Golf Center |
1 |
$2,100,000 |
|
|
|
|
| Health Care |
1 |
$1,350,000 |
|
|
|
|
| Restaurant |
1 |
$1,150,000 |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
GRAND TOTAL: |
253 |
$2,801,062,072 |
|
|
|
If you have received this e-mail in error, wish to change your e-mail address or want to be removed from our list, click here. |
|
|
|
|
