GSP Arranges Acquisition Loan for Silicon Valley Office Property
- May 16, 2018
George Smith Partners has secured a $41 million bridge loan on behalf of Dutchints Development, for the acquisition of a 71,000-square-foot office property in Silicon Valley. This marks the buyers’ largest purchase to date.
The firm arranged the financing for 24 months at an 85 percent loan-to-purchase price. The non-recourse loan was secured at a rate of LIBOR +5.6 percent. George Smith Partners was in application three weeks after getting the assignment and closed within the short escrow 60-day 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,” said Vahe Tashjian, principal & managing director of Dutchints Development, in a prepared statement.
Principal & Managing Director Malcolm Davies, Vice Presidents Evan Kinne and Zachary Streit, and Assistant Vice Presidents Alexander Rossinsky and Rachael Lewis arranged the financing on behalf of the buyer. Last month, Davies also led this team in securing $45 million in bridge refinancing for the San Francisco Proper Hotel, a 131-key hotel in San Francisco’s Mid-Market neighborhood.
Image courtesy of George Smith Partners