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.

Santa Clarita Mixed-Use Property

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.