George Smith Completes $32M Multi-Family Construction Loan in Hollywood

The loan will finance the completion of an 180-unit project on La Brea Avenue and Hollywood Boulevard.

August 16, 2010
By Allison Landa, News Editor

Commercial real estate investment banking firm George Smith Partners has wrapped up financing on a multi-family construction loan in Hollywood. The $32 million loan will finance the completion of an 180-unit project on La Brea Avenue and Hollywood Boulevard.

Seventy percent complete when purchased, the project has 14,000 square feet of ground-floor retail and a three-level, 465-car subterranean parking garage. The new loan was required to complete the construction and cover the lease-up period.

The loan is on a 36-month term with LIBOR-based interest.

George Smith Partners was founded in 1992 and offers financing for commercial and residential properties, including acquisition, construction, bridge and permanent loans as well as mezzanine loans.