GEORGE SMITH PARTNERS SECURES $81 MILLION IN FINANCING FOR THE ACQUISITION OF A RECENTLY DEVELOPED SOUTHERN CALIFORNIA MULTIFAMILY COMMUNITY
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“Our client engaged us to secure an interim bridge loan for this property acquisition because the property was not yet fully stabilized at the time of sale,” explained Tenzer.
George Smith Partners secured the bridge financing at a rate of 3.23 percent + 1 month LIBOR, full-term interest only, with a term of five years. The loan-to- value was 75 percent. Tenzer notes that this was one of the last financings completed by GE Capital before its sale in April 2015.
The Property
The Paseos at Montclair North is a 385-unit luxury Class A apartment community situated on 15.4 acres located in the Inland Empire city of Montclair, Calif. The property consists of one-, two- and three- bedroom units that feature luxury finishes such as gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances, and walk-in closets.
In addition, the community features high-end amenities including two resort-style pools, spas that include cabanas and pool beds, a central park with concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a state-of-the-art fitness facility.
The property is located directly across the street from a major regional mall, the Montclair Plaza, and one block south of the Metro link commuter rail with service to Downtown Los Angeles and Pasadena.
Special note to media:
George Smith Partners Principal Malcolm Davies previously worked with the property’s developer, in 2012 to secure $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property.
About George Smith Partners
Founded in 1992, George Smith Partners is a leading national real estate investment banking firm that specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged participating loans and joint venture equity. The company has arranged more than $35 billion in financing since its inception. Additional information about George Smith Partners is available at www.GSPartners.com.
Contact:
Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
Crandel (at) browermillercole (dot) com
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