FINfacts™ XXIV – No. 361 | March 22, 2023

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%
30 Yr US Treasury 3.72%

$25,590,000 Stretch Senior Construction Financing for a Community of 90 Modular, Build-for-Rent Homes; Asheville, NC

Rate: 3-Month SOFR + 675
LTC: 75%
Term: 36 Months with Two 3 Month Extensions
Guaranty: Non-Recourse

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.


Ed Steffelin
Managing Director & Chief Investment Officer, AXCS Investments
Evan Kinne
Managing Director & President, AXCS Capital
Jordan Lipton
Vice President

$4,150,000 Acquisition Financing for Multi-Tenant Retail Center; Charlotte, SC

Rate: 5.66% Fixed for 5 years
LTV: 57%
Term: 10 Years
Origination Fee: 0.25%
Amortization: 30 Years
Prepayment: Open
Guaranty: Recourse

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.


Steve Bram
Managing Director & Principal / GSP Co-Founder
David R. Pascale, Jr.
Senior Vice President
Allison Higgins
Senior Vice President
Nick Rogers
Vice President

Non-Recourse Bridge Financing up to 80% LTC

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.

More Hot Money ›

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


Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
Office 310.557.8336
Fax 310.557.1276
© 1999 - 2023 George Smith Partners, Inc. DRE # 00822654 FINfacts is an ePublication of George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.
Hi, just a reminder that you're receiving this email because you have expressed an interest in George Smith Partners. Don't forget to add to your address book so we'll be sure to land in your inbox!