Rate: 8.60% Fixed
Term: 12 Months with One 6-Month Extension Option
Amortization: Interest Only
Origination Fee: 1.00%
Exit Fee: None
Prepayment: Open
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners arranged $10,975,000 of financing for the non-recourse refinance of a 5-property portfolio of land parcels in various infill locations in Los Angeles, CA. Most of the land is not fully entitled and is in the pre-development process for multi-family ground-up development. The Sponsor needed a lender that could provide structure for the different ownerships and allow for release provisions as the properties become ready for construction.

GSP accomplished the Sponsor’s goal of providing liquidity for potential acquisitions with debt that was also pre-payable at any time. GSP was able to identify a lending source that understood the market and demand for multifamily development in these locations.

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: 3.50%
Term: 10 Years
LTV: 70%
Prepayment: 5, 4, 3, 2, 1%

Transaction Description:

George Smith Partners arranged $3,830,000 in permanent financing on a newly stabilized 11-unit multifamily property located in Austin, TX. The loan is fixed at a rate of 6.00% for 10 years and a 3-3-3-2-1 prepayment structure. Although some lenders were hesitant to provide competitive permanent financing terms on a former condo multifamily property with less than a year of operating history, GSP was able to source competitive financing ahead of the rising interest rate environment with flexible prepayment. Thanks to our long-standing relationship with this repeat lending relationship, GSP was able to meet the Sponsor’s deadline and close this transaction within 43 days from signing the term sheet.

Advisors

Shahin Yazdi Managing Director & Chief Operating Officer, AXCS Capital

Matthew Kirisits Vice President