Wednesday, July 26, 2017
Sunday, February 22, 2015
$32,250,000 High Leveraged Bridge Loan of Multi-State Apartment Portfolio Bryan Shaffer successfully placed the $32,250,000 senior bridge loan for the refinance of a two property 397 unit multifamily apartment portfolio for a family trust. The highly leveraged loan took debt coverage to 1.05 and allowed the family trust to pay off ballooning debt and secure over $1,000,000 in rehab dollars. The Sponsor also received a return of equity on his investment. Sized to 85% of current value, the non-recourse debt floats at 5.25% over LIBOR and is interest only for the two year term.
Challenge: As single stand-alone assets, neither property would qualify for additional debt; one property restricted by debt service coverage and the other having LTV restrictions.
Solution: GSP mapped out the future upside in the portfolio and developed a plan to structure the assets together as a portfolio, reducing the overall risk of the loan and providing better overall coverage and cash flow for the lender. Monthly cash flow after debt service increased with the lower interest-only payment and the ownership is provided the capital needed to complete the rehab plan and increase the rents on the projects. A self-imposed Borrower capital reserve was funded to absorb market changes until the assets are fully stabilized and will qualify for permanent debt.
Tuesday, May 6, 2014
Commercial Real Estate Lending Update
"Solving debt and equity capital issues for our clients is always our main goal." Replied Bryan Shaffer, Senior Vice a president of Nationwide Commercial Real Estate Mortgage / Investment Bank George Smith Partners. With over 25 year of Commercial Real Estate Experience, Shaffer can also help clients with complex issues involving structured bridge loans, resue capital for commercial real estate bankruptcies, highly leveraged structured loans, equity investments and other types of commercial real estate loans.
GSP in the News.
George Smith Partners Closes $185M in Loans on So Cal Retail Portfolio
George Smith Partners closed a $185 million financing on behalf of DJM Capital Partners Inc. to refinance a four-center retail portfolio in Southern California. The included a $70.6 million loan for La Habra Marketplace; a $40.2 million loan for Village Del Amo; a $42.2 million loan for Montalvo Square and a $32 million loan for Lakewood Square. The loans were non-recourse permanent loans and featured a sub-3.9 percent rate.
The proceeds from the transaction will be used to pay off existing senior and mezzanine loans due in the next 12 to 18 months, in addition to defeasance costs.
Over the past 10 years, the properties have averaged an occupancy rate of 97.2 percent.
George Smith Partners in news again for deal near my house...
From: Commercial Property Executive
George Smith Partners Arranges $51M Bridge Loan for Renovation of M-U Property in Newport Beach, Calif.
Saturday, February 22, 2014