All Terms Confidential

Transaction Description:

George Smith Partners successfully secured $26,200,000 in construction financing for a 138-unit mixed-use multifamily development located in the heart of downtown Salt Lake City, UT. Located on a coveted 0.73-acre site in a designated Opportunity Zone, just steps from the Utah Jazz’s Vivint Arena, the Project features ground-floor retail and best-in-class amenities and outdoor terraces, with an anticipated groundbreaking slated for the first quarter of 2022.

The greater Salt Lake City submarket is one of the fastest growing, most financially fit metros in the country, bolstered by substantial job growth and diversification. The Project will provide much-needed high-quality multifamily units to a market in need of significant new supply. In addition, the well-appointed units and boutique amenities are poised to be well received in the downtown urban core. The experienced Sponsorship team has an established local presence in Salt Lake City, recognizing the unique opportunity to create a transformative mixed-use apartment complex in the City’s social and employment hub. GSP was able to identify a top tier national bank who understood the growing demand for multifamily housing in an ultra-high-growth submarket.

Rate: 7.00% + LIBOR
Term: 24 Months with Two Six-Month Extension Options
LTV: 65%
LTC: 70%
Amortization: Full Term Interest Only
Prepayment: 12 Months’ Minimum Interest
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners successfully arranged the non-recourse, construction financing of a 144,000 SF flex-industrial property in Madera, California. The Property is a 74-unit flex industrial/warehouse that will serve the underserved small-scale user. The Sponsors are capitalizing on the very low vacancy rate in the Madera/Fresno industrial market. The Sponsors are very knowledgeable on the market but have not yet completed a ground-up construction project. Their lack of direct experience and the smaller market made it difficult for many lenders to provide the financing. George Smith Partners was able to educate the selected lender on the need for this product in the market and the industrial experience of the Sponsorship which allowed them to get comfortable with the transaction and provide very favorable financing.

Advisors

Steve Bram Managing Director & Principal / GSP Co-Founder

David R. Pascale, Jr. Senior Vice President

Allison Higgins Senior Vice President

Nick Rogers Vice President

Rate: SWAP + 3.00% (floor of 4.25%).
Term: 10 Years
LTV: 75%

Transaction Description:

George Smith Partners successfully secured $9,000,000 for the refinancing of two single-tenant assets in Southern California and Colorado. The Southern California industrial property had challenges due to the high dollar per square foot. The Colorado asset had challenges due to the tertiary location. In addition, the tenant for both properties had credit issues.
Despite the risks associated, GSP was able to successfully navigate these hurdles. This execution is fixed at 4.25% for 5 years and was sized to 75%.