Hot Money

George Smith Partners is working with a capital provider offering fixed rate financing for the purchase and refinance of industrial, office and retail properties in California, Nevada and Hawaii up to $20,000,000. With terms up to 10 years, this portfolio lender offers hybrid adjustable rate loans with fixed initial terms followed by an adjustable rate for the remaining life of the loan. Loan servicing is done in-house. A 60-Day rate lock is also available with a deposit and delivery of a fully executed rate lock agreement.

For multifamily properties, the lender offers rates starting at 3.35%, 4,3,2,1 prepayment, 1.20x DSCR and 65% LTV for the five-year term. Seven-year loan maturities are also an option. The Lender will utilize the COVID payment reserve to make the monthly mortgage payments for the first 12 months of the loan term until the reserve account is fully exhausted. Unlike agency debt, there is no duplication of debt service payments.

George Smith Partners is working with a national balance sheet lender providing fixed-rate, long term permanent financing for stabilized property types including self-storage, industrial, apartments, and office/medical office in primary and secondary markets. The lender will also consider retail – grocery/drug anchor with more than 50% of tenants open/operating for loans from $4,000,000 to $25,000,000. With the ability to advance 65% of cost, pricing is in the low/mid 3’s for terms ranging from 7-10 years.

George Smith Partners is working with a national private equity firm focused on debt and equity investment strategies. The capital provider will provide non-recourse, fixed rate financing starting at 4% with up to 80% of cost and terms up to 5 years for ground-up construction and construction completion on all asset types. Loan sizes go up to $500,000,000.

George Smith Partners identified a private commercial real estate finance company that provides non-recourse mezzanine financing for multifamily communities in primary and secondary MSA’s nationwide. Mezzanine loan amounts go up to $10,000,000 with terms up to 10 years and 1.10 DSCR on an interest only basis. With the ability to advance up to 85% of value/purchase, this lender offers fixed rate all-in pricing for stabilized or near stabilized multifamily properties (potentially in need of renovation not to exceed $5,000 per unit) a proven location, and experienced owner and management. Mezzanine debt must be placed at the time of the senior loan origination by this designated agency lender.

George Smith Partners has secured financing with a national capital provider lending on transactions from $50,000,000 to $350,000,000 on a non-recourse basis. With a focus on Office, Multifamily, Industrial, Life Science and Self-Storage, this lender can provide up to seven years of bridge financing for senior loans up to 70% of capitalization. Subordinate leverage is available behind their senior for top MSAs. Pricing for senior loans start at LIBOR+300 bps and mezzanine loans start at LIBOR+675 bps.

George Smith Partners has a client seeking early-stage development projects that are in need Co-GP equity. Our Sponsor has substantial financial wherewithal and bandwidth for additional projects. They are a looking to develop projects with total project costs between $30,000,000-$100,000,000 in Boise, Dallas, Phoenix, Salt Lake, Denver, and San Diego.

George Smith Partners is working with a national capital provider funding non-recourse bridge debt to 70% of total cost. The Lender is looking for true proforma based underwriting with a strong appetite for multifamily, industrial and cash-flowing senior living properties. The Lender offers fixed rate pricing starting at 6%, flexible loan prepayment structures with terms up to one year for transactions from $20,000,000 – $100,000,000.

George Smith Partners is currently originating and closing fixed rate loans for bridge, permanent, and construction projects with an institutional portfolio lender. The capital provider offers aggressive pricing starting at 3.50% for 3- and 5-year terms, Interest Only and up to 70% LTV for multifamily properties. This lender has a strong appetite for medical offices and owner-occupied, multi-tenant and credit tenant industrial properties. Investor owned commercial real estate rates start at 3.75% and can go up to 60% of value.

George Smith Partners is working with a non-recourse capital provider who is actively funding bridge loans from $15,000,000 to $250,000,000. The portfolio lender will fund up to 85% of value with a focus on Residential (Condo/MF/Student), Retail, Office, Vacant Land and Hospitality properties in primary, secondary and tertiary markets nationwide. Rates start at 6.5%+ and terms up to four years, the program highlights include no prepayment and interest only. Decision making is flat, and they can close as fast as one week depending on deal structure.

George Smith Partners is working with a national lender offering floating rate and mezzanine programs for transitional to stabilized office, retail, mixed use, industrial, multifamily and hospitality properties. The floating rate program starts at $5,000,000 with 3 to 5-year terms, up to 80% LTV/LTC depending on the asset quality/market and pricing is based on market rate spreads plus one-month LIBOR. The mezzanine program starts at $5,000,000 with 2-10-year terms and up to 85% LTC and pricing is 9% – 12%.

Despite COVID concerns, George Smith Partners is actively placing multifamily financing for acquisition, refinancing and ground-up development to mini-perm requests with a national portfolio capital provider. This lender offers local decision making and all the advantages of a small bank type financing on a national level. Loan amounts are sized from $2,000,000, up to $15,000,000 to 70% of capitalization. Their construction program automatically rolls into a five-year mini perm upon Certificate of Occupancy. With only a 90-day interest prepayment penalty if refinanced at stabilization, this offers take-out security yet provides flexibility for future capital market conditions. The prepayment penalty is waived in the event of a sale.

George Smith Partners is currently placing non-recourse financing for multifamily (including MHC and student), office, self-storage, mixed-use and industrial properties nationwide. This lender currently offers up to 75% of total costs and 70% of stabilized value. They focus on middle market transactions offering loan amounts from $10,000,000 to $50,000,000 (will selectively lend on larger transactions) with terms up to five years. The Lender offers competitive LIBOR-based pricing with flexibility on lockout/yield maintenance period. They are a balance sheet lender that does not leverage their positions with CLO’s, warehouse lines, or REPO facilities which ensures certainty of execution and aligned asset management. The lender is capitalized by institutional investors.