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FINfacts™ XXIV – No. 361 | March 22, 2023
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| Prime Rate |
 7.75% |
| 1 Month LIBOR |
 4.78% |
| 6 Month LIBOR |
5.00% |
| 5 Yr SOFR Swap |
3.60% |
| 10 Yr SOFR Swap |
3.38% |
| 5 Yr US Treasury |
3.75% |
| 10 Yr US Treasury |
 3.60%
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| 30 Yr US Treasury |
3.72% |
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Rate: 3-Month SOFR + 675
LTC: 75%
Term: 36 Months with Two 3 Month Extensions
Guaranty: Non-Recourse
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Transaction Description:
George Smith Partners secured $25,590,000 of stretch senior financing for the construction for a community of 90 modular homes for rent in Asheville, NC. GSP quickly identified a debt fund that suited the client’s needs by arranging an in-person meeting to discuss the project. The Lender recognized the strength of the Asheville market.
The modular homes will be constructed off-site and set onto finished lots over 36 months. The community features spacious floor plans and a common area for future residents. This is the first build-to-rent community for the client and we expect there to be many more.
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Rate: 5.66% Fixed for 5 years
LTV: 57%
Term: 10 Years
Origination Fee: 0.25%
Amortization: 30 Years
Prepayment: Open
Guaranty: Recourse
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Transaction Description:
George Smith Partners arranged $4,150,000 in fixed-rate acquisition financing for a 100% occupied, 12,558 square foot, 4-tenant, Starbucks-anchored retail center in South Carolina. Located just across the border from North Carolina in suburban Charlotte. The contemporarily designed, 2019-built center is well located with a high traffic count, solid demographics, and includes daily needs that tenants appropriate to its suburban location. Starbucks occupies the end cap and other tenants include an investment-grade urgent care facility, a wine and food bar, and a nail salon. GSP sourced a lender that would provide a 10-year term, with a 5-year fixed rate, and no prepayment penalty, in order to give the sponsor maximum flexibility.
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George Smith Partners has identified a capital provider financing bridge loans up to 80% of cost from $2,000,000-$100,000,000. Terms are interest only, range from 1-5 years, and are non-recourse. Floating rate pricing starts at SOFR + 400 with no interest rate cap required. Fixed-rate pricing starts at 6.50% with a 12-month yield maintenance. Lending to primary and secondary markets nationwide, this lender can close in as little as 1 week for all asset types.
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If you have an inquiry regarding George Smith Partners’ commercial real estate financing, please contact your GSP representative or Jessica Mania, at (310) 867-2974 or jmania@gspartners.com
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Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
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© 1999 - 2023 George Smith Partners, Inc. DRE # 00822654 FINfacts is an ePublication of George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.
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