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GSP Arranges $93M for Pacific City Build

HUNTINGTON BEACH, CA—GlobeSt.com learns EXCLUSIVELY that the commercial real estate banking firm has secured non-recourse construction financing for DJM Capital Partners' 191,000-square-foot retail center here.

By Carrie Rossenfeld | Updated on June 19, 2014

HUNTINGTON BEACH, CA—GlobeSt.com has learned exclusively that construction on Pacific City, a 191,000-square-foot retail center here, has received a boost from George Smith Partners. The commercial real estate investment-banking firm has arranged $93 million in non-recourse construction financing for the project on behalf of developer DJM Capital Partners.

The financing transaction, arranged by GSP principal and managing director Steve Bram and SVP David Pascale, consisted of a $56.5-million senior loan and a $37-million mezzanine loan. Very minimal pre-leasing was required for funding of the center, which is set to open Summer 2015.

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