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| Malcolm Davies |
SILICON VALLEY, CA – George Smith Partners,
one of the nation’s leading commercial real estate capital market advisors, has
successfully arranged a high-leverage $41,000,000 bridge loan for the
acquisition of a 71,000 square-foot office asset in the Silicon Valley from an
institutional seller, according to Malcolm Davies, Principal/Managing
Director at George Smith Partners.
“We were able to fulfill this requirement in the required 60-day
period available on behalf of Vahe Tashjian of Dutchints Development, the
buyer, for whom this acquisition is the largest to date in his portfolio,”
Davies explained.
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| Evan Kinne |
“Our entrepreneurial
approach makes us the right partner for entrepreneurs, as I myself have been a
developer in the past and am clear on the need to meet multiple financing
requirements within a specified timeline.”
“In this case, George Smith Partners was able to secure financing
for 24-months at an 85 percent loan-to-purchase price, in order to assure
accretive equity returns for our client,” Evan Kinne, Vice President at
George Smith Partners added.
“This required our team
to canvass the market with multiple potential capital stacks, including
mezzanine and preferred equity for the appropriate lender who not only
understood the market, but also recognized the strength of this asset within
the market.”
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| Zachary Streit |
Tashjian notes that George Smith Partners was in application in
approximately three weeks after getting the assignment and closed within the
short escrow period.
“The team at George Smith Partners was able to assist me in
creating a smooth acquisition process with a very sophisticated seller, which
has strengthened my position in the industry as our firm continues to seek
larger assets from this and other institutional owners,” Tashjian added.
George Smith Partners secured the loan at a rate of LIBOR + 5.62
percent. The non-recourse loan is interest-only for the 24-month term.
Celebrating 25 years in business, George Smith Partners is a
leading national provider of capital market advisory services to the commercial
real estate industry.
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| Rachel Lewis |
The firm specializes in
arranging financing for commercial and multifamily properties, including
acquisition, construction, bridge and permanent loans, as well as mezzanine
loans, highly leveraged participating loans and joint venture equity.
The company has
arranged more than $44 billion in financing since its inception. Additional
information about George Smith Partners is available at www.GSPartners.com.
For more information, please contact:
Lindsay Mackay/Jenn Quader
(949) 955-7940
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