George Smith Completes $32M Multi-Family Construction Loan in Hollywood
- Aug 16, 2010
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.