Tuesday, May 6, 2014

GSP completes $51m Newport Beach Bridge Loan

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.

Lido Marina Village

The Lido Marina Village, a 123,400 square-foot mixed-use property in Newport Beach, Calif., is ready for renovation now that a $51.4 million loan has been arranged, courtesy of George Smith Partners.

GSP secured the financing on behalf of the Lido Retail Group, an affiliate of DJM Capital Partners. DJM has owned the property since acquiring it from Vornado Realty Trust in 2013.

Located roughly 40 miles south of Los Angeles on Lido Isle, a manmade island along the coast of Newport Beach, Lido Marina serves an affluent community. Carrying addresses on Newport Blvd., Via Lido and Via Oporto, the nearly five-acre property consists of 14 buildings spanning multiple blocks, and features, retail and restaurant space and a single office structure, as well as 47 boat docks.

Full information.