June 30, 2021
George Smith Partners identified a capital provider offering Opportunity Zone Equity for multifamily projects for top MSA’s. They are writing equity checks between $10 and $25 million per deal.
June 23, 2021
George Smith Partners identified a hotel financier funding acquisition, refinance, and PIP/Renovation in the Western United States. Fixed rates are between 5.50% and 6.25% and floating rates start at Prime + 2% and up, for loan terms up to 7 years, and leverage up to 65% of value. Reserves are required for operating deficits and debt service where needed. SBA financing is available for properties located in California, Idaho, Utah, and Arizona for non-CBD locations for loan amounts up to $12.5 million (504) and $5 million (7a). Rates for the 5-year fixed (504) are 6.5% Floor and floating rates (7a) – P + 275. Leverage is up to 75% of value with 10, 20, or 25 year terms.
June 16, 2021
George Smith Partners is placing non-recourse financing for permanent transactions up to $40,000,000 for properties in California and major metros in all western states. The Lender will finance stabilized income-producing projects for office, industrial, multifamily, industrial, retail, Manufactured Home Parks, and will consider some special purpose assets on a case-by-case basis. Rates start at 3% and can be locked at application. With terms up to ten years, loan sizing is 50% of value for multifamily and industrial and 40% of value for retail and office.
May 26, 2021
George Smith Partners is actively placing five- and seven-year perm-debt with a California based portfolio lender financing up to $18,000,000 for office, industrial, multifamily, and retail properties. A 5+5+5 term structure is also available for a 15-year term with rate resets. The zero-prepayment penalty allows for total flexibility to take advantage of future capital appreciation, sale or further rate reductions. Rates range from 3.75% to 4.25% to a 1.20 DCR.
May 19, 2021
George Smith Partners is working with a national balance sheet lender funding non-recourse bridge debt up to 85% of value. Rates start at 3.15% for multifamily, healthcare, student housing and manufactured housing projects for 3-year terms plus extensions. The lender has an appetite for transactions starting at $10,000,000. In-place cash flow at funding is required as low as a 4.5% debt yield (net cash flow divided by the loan amount) assuming an “as stabilized” 7.75% debt yield upon exit.
May 5, 2021
George Smith Partners is currently working with a nationwide balance sheet lender specializing in senior and mezzanine loans and preferred equity across all property types. Non-Recourse loans range from $5,000,000 to $25,000,000, with terms between 2-5 years, 75% LTV and 85% LTC. With rates starting at 7%, the lender targets opportunities for value-add acquisitions, refinancings/recapitalizations, conversions, and renovations and note purchases and participations.
April 21, 2021
George Smith Partners is working with a nationwide portfolio lender offering non-recourse, on-balance sheet, interest only bridge financing that focusses primarily on apartments, office, industrial, single tenant NNN, self-storage, manufactured housing communities and multiple property portfolios. Typical loan structures include two- or three-year initial terms with extensions up to 5 years, 60-70% as-is LTV (Higher Leverage available with Mezz), as-is debt yield of +-7%, flexible prepay structures and potentially property releases in year one with no spread maintenance penalty for up to 50% of loan. Lender will consider requests with future fundings/earnout or “good news” money and a minimum loan amount of $20,000,000. Pricing is LIBOR plus a credit spread in the L+200-250 range that depends on the asset and cash flow. The Lender holds and services the full commitment for the full term with no CLO or syndication risk.
April 14, 2021
George Smith Partners is working with a national investment bank utilizing their balance sheet for both transitional and stabilized properties. While traditionally used for much larger transactions, they will consider requests from $15,000,000 for non-recourse fixed or floating rates on all property types. Pricing from L + 150-350 for light bridge with flexible prepayment structures. Terms are up to 11-years for all stabilized loans.
April 7, 2021
George Smith Partners is working with a non-recourse capital provider that is funding fixed & floating bridge loans starting at $10,000,000. With a focus in the top 150 MSA’s, the lender will fund up to 70% of value at a fixed rate of 5.0%, or up to 80% with floating rates at 6%+. Terms are 1-3 years. Program highlights include flexible prepayment and a short minimum interest period. The lender can provide capital for newly constructed multifamily properties that are still vacant.
March 31, 2021
George Smith Partners identified a capital provider offering debt and equity from $3,000,000 to $30,000,000 for industrial, commercial, retail, self-storage, and special purpose properties. Rates start at 6% and terms are 1-3 years for bridge loans and 10+ years for longer-term facilities. The capital provider is focused in California and Hawaii and can close between 45-60 days.
March 17, 2021
George Smith Partners is working with a nationwide capital provider funding high leverage construction and bridge financing for pre-leased build-to-suit projects, medical properties, and self-storage properties up to 90%-100% LTC for $1-$25 million. In addition, they provide small balance JV equity for development and value-add properties for all asset classes. Rates are between 8% – 12% and terms vary by product type.
March 10, 2021
George Smith Partners is working with a capital provider funding bridge debt to 85% of value for interest only terms up to 10 years. Financing starts at $10,000,000 with rates starting in the low 3’s. The lender will finance all commercial property types across the United States with a national origination footprint and local presence in New York, Boca Raton, Charleston (SC) and San Francisco. They are also offering construction financing up to 80% of cost for multifamily properties. Debt Yield and DSCR restrictions are based on market location and analyzed on a deal by deal basis.
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