Dealmaker: George Smith Partners Secures $39M for Office, SFR

George Smith Partners, Los Angeles, placed $31.6 million in permanent financing for an office building in the Salt Lake City, Utah area.

GSP Principal/Co-Founder Gary Mozer, Senior Vice President Robert Horton, Vice Presidents Dorian Aftalion and Tommy Adelson and Analyst Phillip Mozer secured the 10-year full-term interest-only loan at a 3.54 percent interest rate.

The firm noted pandemic restrictions and the proliferating work-from-home trend concerns many lenders that office may face a very slow recovery. But the building’s sole tenant has strong financials and a long lease term, which allowed for competitive quotes from lenders.

GSP also advised on $7.1 million in joint venture equity financing for a 109-unit build-to-rent transaction in Phoenix. This single-family rental community located in a qualified Opportunity Zone will offer one-, two- and three-bedroom detached homes with private yards for most units. Senior Vice Presidents Ed Steffelin and Evan Kinne and Analyst Blair Lewis worked on the deal.