George Smith Partners secures $62M for mixed-use property
A $62.75 million refinance loan was arranged for a newly constructed mixed-use property in Longmont.
George Smith Partners worked on the behalf of the borrower, Mass Equities Inc., to secure a cash-neutral, nonrecourse bridge loan to refinance the maturing high-leverage construction debt on South Main Station Apartments, a newly built, 253-unit, Class A property.
Kennedy Wilson provided the loan, which was the first financing closed in the lender’s new $2 billion debt platform that launched in May. The 75% loan-to-value bridge facility is priced at Libor plus 500 with a 36-month term and two 12-month extension options. Malcolm Davies and Zachary Streit of George Smith Partners, along with members from the firm’s Los Angeles office, arranged the financing.
South Main Station Apartments features more than 10,000 square feet of ground-floor commercial space with residential space above. The property offers studio, one- and two-bedroom apartments featuring quartz countertops, sliding barn doors and two-tone cabinets. It also offers community amenities, including a pool and spa, fitness center, rooftop patio, coworking center and outdoor fire pits.
Located off Main Street in the heart of downtown Longmont, property residents are within walking distance of multiple restaurants, bars, convenience stores, banks and shopping centers.
Featured in the August 19-September 1, 2020, issue of CREJ
