FINfacts™ XXIV – No. 233 | September 2, 2020


90% LTC for Acquisition of 6 Units – Closed in 12 Days; Los Angeles, CA

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

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.


Steve Bram
David R. Pascale, Jr.
Senior Vice President
Allison Higgins
Senior Vice President
Patrick O’Donnell
Vice President
Nick Rogers
Vice President

Non-Recourse Construction, Bridge and Land Financing

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.

More Hot Money ›

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


Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
Office 310.557.8336
Fax 310.557.1276
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