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| 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
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| 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.
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| 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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