MONTCLAIR, CA—Investment banker George Smith Partners has successfully secured an $81 million bridge loan on behalf of its client, GH Palmer Associates, for the acquisition of The Paseos at Montclair North, a 385-unit luxury multifamily community located in San Bernardino County.
“Our client engaged us to secure an interim bridge loan for this property acquisition because the property was not yet fully stabilized at the time of sale,” said Gary Tenzer, principal and managing director.
George Smith Partners secured the bridge financing at a rate of 3.23% + 1 month LIBOR, full-term interest only, with a term of five years. The loan-to- value was 75%. Tenzer notes that this was one of the last financings completed by GE Capital before its sale in April 2015.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
