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FINfacts™ XXIV – No. 233 | September 2, 2020
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Senior Loan
Amount: $2,118,000
Rate: 7.50%
Term: 12 Months
Amortization: Interest Only
LTV: 60%
Loan Fee: 1.00%
Prepayment Penalty: None
Mezzanine Loan
Amount: $1,065,000
Rate: 12.00%
Term: 12 Months
Amortization: Interest Only
LTV: Up to 90%
Loan Fee: 3.00%
Prepayment Penalty: None
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Transaction Description:
George Smith Partners arranged $3,183,000 of senior and mezzanine financing for the acquisition of a 6-unit multifamily building located in Los Angeles, CA. The combined debt was sized to 90% of purchase price. The Property was purchased with the intention of future development. The proposed project would add more units to the supply-constrained submarket. The senior loan was sized to 60% of purchase and carries a 7.50% fixed interest rate. The mezzanine financing provided the remainder (up to 90%) and is priced at 12.00%. The financings were closed within 12 days of the term sheets being signed.
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George Smith Partners is currently placing non-recourse, high-leverage construction bridge and land loans in the Western U.S. This Lender offers rates from 7% -12%, high leverage, terms up to three years and can close in under two weeks for loans up to $35,000,000. They focus on entitlement land plays, adaptive re-use, covered land plays, recaps; Build-to-suits and pre-leased properties. They will also consider property types such as condominiums, flex buildings, mixed-use, R&D/Bioscience, resorts, retail single tenant, NNN and self-storage.
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If you have an inquiry regarding George Smith Partners’ commercial real estate financing, please contact your GSP representative or Todd August, Chief Operating Officer at (310) 867-2995 or taugust@gspartners.com
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Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
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