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13th CONSECUTIVE RECORD YEAR FOR GEORGE SMITH PARTNERS
$3.5 Billion in 2005
25% increase over 2004
270 Transactions – With 84 Lending and Capital Sources
It is with tremendous gratitude to all of our clients and lenders that in 2005 we can report the following: (1) 25% increase in loan volume from $2.8 to $3.5 Billion (2) Greater number of closed transactions, and (3) Greater number of capital sources. Thank you.
George Smith, our founder and chairman, passed away in 2005. This was a great loss for us all and we plan to continue in his spirit as leaders in the real estate industry; with a strong work ethic, creativity and passion for success.
Our exceptional growth in 2005 was due to repeat business with many of our existing clients, as well as new ones, and our ever-growing relationships with financial institutions, funds, REIT’s, and other providers of real estate capital.
Lender Types: The largest lender category in 2005 was CMBS, with whom we arranged over $1.2 billion in financing. The second largest category was commercial banks, with just under $1 billion in financing.
Financing Types: Permanent and Bridge financing led the way. We also more than doubled our volume of construction financing from $200 million in 2004 to $379 million in 2005.
Property Types: The “Big 4” product types provided their usual large volume. 2005 was also the “year of the condo,” in which we arranged over $372 million in condominium construction and conversion financing nationwide. We also have a significant number of residential and office condo transactions in our 2006 pipeline.
Our financing volume and the respect that we have achieved throughout the lending industry allows us to access the most senior decision makers at lending institutions. Our lender database was completely overhauled in 2005 and now gives us the ability to rapidly access information on over 800 capital sources.
Our production staff has grown to 36 originators and a total of 45 professionals working in a culture that rewards productivity, creativity as well as industry and community leadership.
We look forward to another great year in 2006!
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