Hot Money

George Smith Partners is working with a national capital provider funding non-recourse bridge debt to 75% of total cost and 80% on apartments. The Lender has a strong appetite for multifamily, industrial, office, retail, self-storage and student housing. This capital provider offers floating rate pricing starting at L+325 with terms up to four years for transactions at $20,000,000 and up.

George Smith Partners identified a specialty lender offering bridge financing for a broad spectrum of commercial real estate special situations nationwide up to $45,000,000. Pricing is between 10% and 12% interest only for terms up to 36 months and 80% of cost and 65% of value. Special purpose properties include hospitality, gas stations, senior living, drug rehabilitation facilities, private schools, car dealerships and historic buildings. This lender is comfortable with bankruptcies, discounted payoffs, restructurings, pending foreclosures, environmental issues, and credit issues and can fund in four weeks.

George Smith Partners identified a capital provider offering debt, mezzanine and preferred equity for all product types in the top 25 markets. Debt financing starts at $30,000,000 and Mezzanine and Preferred Equity capital starts at $10,000,000. Rates start at 475+ bps yield/coupon for stretch senior loans, Mezzanine pricing starts at 1000 + bps yield and Preferred Equity starts at 950 + bps. Terms are for a minimum of 1-year and generally do not exceed 5-years.

George Smith Partners identified a national capital provider providing floating rate debt starting at $50,000,000 on Class A & B assets in core locations for best in class sponsors. Non-Recourse pricing starts at 2.50%. Terms range from 10 to 20 years with the ability to advance 60-65% of value. Prepayment penalty varies based on the initial loan term.

George Smith Partners is working with a nationwide bridge lender providing financing on cash-flowing including affordable housing, seniors housing, self-storage and all other major asset classes. Loans range from $10,000,000 to $100,000,000 and typical closing is 30 days. With the ability to advance up to 75% of value, the lender offers terms from 6-48 months, with extension options available and rates starting at 9%.

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.