LOS ANGELES-Commercial real estate investment banking firm George Smith Partners has revealed that deal flow has grown rapidly in the third quarter of the year. “During the third quarter, George Smith Partners has increased the number of commercial real estate financing transactions the firm is bringing to successful closings by more than 400% over the prior year for the same period,” notes David Rifkind, managing director of George Smith Partners.
He points out that “It is simply not possible to ignore this kind of uptick in the level of activity.” The firm has recently completed deals in the multifamily, industrial, and retail arenas, in geographies including Los Angeles, Scottsdale, Atlanta, San Diego, and Las Vegas. George Smith Partners recent activity includes CMBS, mezzanine debt, bridge loans, equity and two construction loans. Capital sources include life companies, private equity, US Housing Agencies and regional and national banks.
“There is capital in the market willing to transact and we are beginning to have price discovery in core markets,” Rifkind says. “Relevant banks have completed their capital raising exercises and lending institutions finally have some clarity on policy.”
He adds that when combined with low, declining interest rates, “these are the same ingredients that have turned markets around in the past. We are closing a healthy mix of transactions with varying structures utilizing a wide range of capital sources.”
“While we can’t predict the speed of the recovery, we do know that it is indeed underway,” Rifkind concludes.
Some recent GSP deals include: $60 million of financing for the JH Snyder Co. and Goldstein Planting Investments’ Gateway Office Project in El Segundo; $12.8 million in Freddie Mac financing and a $16.6 million sale for a 198-unit class-B multifamily property in Redlands, CA; and a $32 million construction loan “on behalf of an institutional client” that will complete a 180-unit project on La Brea Avenue and Hollywood Boulevard in Hollywood.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
