Share

Finfacts XXIV – No. 461

June 4, 2025

Market Rates

Prime Rate

7.50%

5 Yr SOFR Swap

3.67%

10 Yr SOFR Swap

3.92%

5 Yr US Treasury

4.02%

10 Yr US Treasury

4.45%

30 Yr US Treasury

4.97%

Recent Financings

Advisors

Michael Anderson-Mitterling
Managing Director
Nicholas Drohan
Vice President
Grant Pugatch
Vice President

LTC: 76%

Rate: SOFR +3.50%

Term: Three-year initial loan term with two one-year extension options

Fees: 1% in, 0.25% exit fee

$17,200,000

Transaction Description:

George Smith Partners arranged the $17,200,000 acquisition bridge financing for the reposition of a 125-unit broken condo building with 6,400 square feet of first floor commercial space. The acquisition bridge loan was sized to 76% loan to cost. The loan was structured with the initial funding to close on 120 units and the commercial space with a future funding component to execute a comprehensive value add program and provide funds to acquire the remaining five condo units. The loan is floating at SOFR plus a spread of 3.50% and is interest only. The term of the loan is a three-year initial term with two one-year extensions.

Despite volatile capital markets conditions during closing, GSP worked with the lender to ensure certainty of execution and hit a tight closing timeline per the PSA.

Pascale’s Perspective