Dealmaker: George Smith Partners Secures $51M for Mixed-Use, Multifamily

George Smith Partners, Los Angeles, arranged $50.8 million for mixed-use and multifamily assets in California.

In Santa Clarita, Principals Jonathan Lee and Shahin Yazdi, Senior Vice President Jarod King, Vice Presidents Matthew Kirisits and Paul Monsen and Assistant Vice President Kyle Redmond secured a $23.5 million bridge loan for a new mixed-use project with 47 Class A apartment units above 21,000 square feet of street-level retail. The subject property is shadow-anchored by the seven-screen Laemmle Theater.

The 5.75 percent fixed non-recourse loan refinanced the project’s construction debt and capitalized outstanding tenant improvement/leasing commissions. The loan represented 80 percent of value and was structured with a one-year initial term with interest-only payments. It allows for open prepayment and carries two six-month extension options.

In two Los Angeles communities, Los Feliz and Burbank, GSP Principal/Co-Founder Gary Mozer and Senior Vice President Kyle Howerton placed $27.3 million in a cash-out, uncrossed (two-loan) refinance of two multifamily properties totaling 81 units. The financing equaled $337,655 per unit.

Both properties underwent extensive renovations and upgrades since acquisition and have maintained 95 percent occupancy throughout 2020 despite COVID-19 regulations in California allowing tenants to defer rent payments.

The 30-year non-recourse loan came with five years of interest-only payments followed by a 30-year amortization schedule. It will remail fixed at 3.75 percent for the first seven years.