Tuesday, May 26, 2015

George Smith Partners Secures $81 Million in Financing for the Acquisition of a Recently-Developed Southern California Multifamily Community


The Paseos at Montclair North Apartments, Montclair, CA

SAN BERNARDINO COUNTY, CA (May 26, 2015) – Commercial real estate investment banking firm George Smith Partners has successfully secured an $81 million bridge loan through GE Capital 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 the city of Montclair, California, according to Gary M. Tenzer, Principal and Managing Director of George Smith Partners

Gary M. Tenzer
“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,” explained Tenzer.

            George Smith Partners secured the bridge financing at a rate of 3.23 percent + 1 month LIBOR, full-term interest only, with a term of five years. The loan-to- value was 75 percent. 

Tenzer notes that this was one of the last financings completed by GE Capital before its sale in April 2015.

The Paseos at Montclair North is a 385-unit luxury Class A apartment community situated on 15.4 acres located in the Inland Empire city of Montclair, Calif. 

The property consists of one-, two- and three- bedroom units that feature luxury finishes such as gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances, and walk-in closets.

In addition, the community features high-end amenities including two resort-style pools, spas that include cabanas and pool beds, a central park with concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a state-of-the-art fitness facility.

Malcolm Davies
The property is located directly across the street from a major regional mall, the Montclair Plaza, and one block south of the Metro link commuter rail with service to Downtown Los Angeles and Pasadena.

George Smith Partners Principal Malcolm Davies previously worked with the property’s developer, in 2012 to secure $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property.

 For a complete copy of the company’s news release, please contact:

Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940


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