GSPartners
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Volume XVII | No. 7 | April 15, 2009
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KEY RATE INDICES
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Prime Rate
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3.25%
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1 Month LIBOR
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0.45%
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5 Yr US Treasury
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1.21%
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5 Yr Swaps
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2.33%
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12-MAT
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1.44%
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3 Month LIBOR
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1.12%
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10 Yr US Treasury
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2.78%
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10 Yr Swaps
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2.98%
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11th Dist COFI
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2.00%
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6 Month LIBOR
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1.64%
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30 Yr US Treasury
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3.67%
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| | | Real estate debt investment fund management firm offering debt for commercial real estate nationally. Balance sheet lender providing bridge and mezzanine loans for stable and transitional assets nationwide. The lender also acquires, and finances the purchase of discounted notes, will contemplate construction loan take-out prior to stabilization, future funding "good news" transactions, and mezzanine and whole loan financing up to 75% LTC. | | Transaction Size: $3M-$15M | | Rate: 8%-12% (Senior); Mid to high teens (Mezzanine) | | Loan Term: 1 to 5 years | | Amort: Interest Only | | Max LTC: 75% | | Prepayment: Open after 12 months | | Geography: Major MSAs |
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| | | If you have an inquiry regarding George Smith Partners' commercial real estate financing, asset sales or advisory services please contact your GSP representative or Todd August, Chief Operating Officer, at (310) 867-2995 or taugust@gspartners.com.
| | | | Transaction Description: | | $4,500,000 Line of Credit GSP arranged $4,500,000 in Credit Lines ($3,000,000 secured by four apartment properties totaling 45 units; and $1,500,000 unsecured). |
Challenge: Borrower wanted a credit facility collateralized by a portfolio of properties. Two of the properties consist of groups of condominium units within complexes that the borrower developed several years ago that they rent as apartments. Borrower also needed reasonable release provisions to maintain flexibility. |
Solution: GSP obtained customized financing from a very well capitalized, local relationship oriented bank that was able to fund on the collateral and worked with borrower on a variety of issues. |
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Rate: Secured Line - Floating at Prime + 1.75% (5.75% Floor)
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Term: 5 years
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Amort: Interest Only
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LTV: 50%
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Prepayment: Step-down
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Recourse
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Lender Fee: 0.50%
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Rate: Unsecured Line - Floating at Prime + 2.00% (6.00% Floor)
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Term: 1 year
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Amort: Interest Only
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Prepayment: Step-down
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Recourse
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Lender Fee: 0.50%
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Key Players: Steve Bram, David R. Pascale Jr.
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| | | GSP Asset Sales and Advisory Group: Exclusive Note Listing | The GSP Asset Sales and Advisory Group has been exclusively retained by an established California-based private mortgage fund to sell a $37.5 million first mortgage in the advanced stages of default.
The note is secured by a prime location condominium development in Henderson (Las Vegas), Nev. The Vantage Lofts are in the hills of Henderson, close to high-end shopping and dining at The District at Green Valley Ranch. This is the fourth major assignment the Asset Sales and Advisory Group has taken to market since inception in November 2008.
For additional information or to make an inquiry regarding the asset, please contact Max Friedman, Craig Hamilton or your GSP representative. | | | In the Press | GSP Asset Sales and Advisory Group's latest exclusive note listing is featured in a GlobeSt.com article by Brian K. Miller entitled "Distressed Vantage Lofts Note Come to Market". To read the article, please click on the following link: GlobeSt.com. | | | Congratulations! | Congratulations to GSP Vice President Joshua Roseman and wife Allison on the birth of their baby girl! Highlights - Name: Livie Basha Roseman; Weight: 6 lbs., 0 oz; Length: 19.0 inches; Date/Time of Birth: April 08, 2009, 09:31 AM. | | | Come Grow With Us |
George Smith Partners is selectively seeking several seasoned real estate professionals with work-out and restructuring experience to work in GSP's Loan Work-Out / Restructuring Group. GSP offers highly competitive compensation and an excellent environment in which to work.
We invite you to consider a career with George Smith Partners. Please direct confidential inquiries to Stella Debibi, Director of Business Development and Recruitment, at (310) 867-2901. |
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©2009 George Smith Partners, Inc. FINfacts is an ePublication of
George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.
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