Rate: 2.91% Fixed-Rate
Term: 35 Years
LTV: 80%

Transaction Description:

George Smith Partners secured $26,560,000 in permanent financing for a 284-unit multifamily project located less than a mile from Brigham Young University-Idaho (BYU-I), one of the country’s fastest growing universities and Idaho’s largest university, in Rexburg, Idaho. The apartment complex features novel, modern 2-bedroom apartment units with boutique amenities including a racquetball court, 24/7 state-of-the-art gym, outdoor grill and fire pit lounge area, dog park, and clubhouse with conference rooms. The community was developed in phases, so the refinance retired existing construction and bridge debt, provided significant cash-out to the Sponsor, and reduced their previous interest rates considerably.

The Rexburg multifamily submarket is undergoing a colossal renaissance, seeing over $1B of new investments and a population growth of over 62% over the last decade. The Sponsor, a local developer with significant knowledge and experience within the Rexburg market, recognized the need for high quality product in a supply constrained market. GSP was able to leverage market interest to secure the most competitive terms available by focusing on the desirable location as well as the Sponsor’s track record and familiarity with the high-growth market. The loan carried a 35-year term priced at a 2.91% fixed-rate and 80% LTV.

Rate: Fixed at 3.25% for 10 years
Term: 10 years
Amortization: Full Term Interest Only
Prepayment Penalty: 5,5,4,3,2,1,1,1,1%
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners arranged $9,425,000 in financing for the refinance of a stabilized 40-unit property located in Los Angeles, California. The loan is fixed at a rate of 3.25% for 10 years. The loan was a takeout of the acquisition loan that GSP closed five years earlier. Over the course of their ownership, the Sponsor performed a complete renovation of the property which included adding additional units. The loan provided a significant amount of cash out. It was closed with a regional bank and includes 10 years of Interest Only payments. Full term IO is rare for a bank loan and is more often found with CMBS loans, which have an expensive prepay structure. In this case, the bank’s declining prepay will allow the borrower flexibility to sell or refinance again depending on market conditions.

Advisors

Matthew Kirisits Director

Term: 12 Months
LTV: 75% Loan to Cost
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners successfully placed $6,800,000 in land financing for a 5-acre site to be developed into 42 single family detached homes in Los Angeles, CA. The Project had already received most entitlements for the infill, hilltop site located in an up-and-coming neighborhood. Furthermore, the Sponsor needed to pay off multiple loan balances and receive additional funding to complete engineering to receive a final map.
Backed by experienced Sponsorship with extremely well-located collateral, GSP sourced financing that funded at approval of tentative map with highly favorable leverage and a closing timeline of less than three weeks.