MONTCLAIR, CA—Investment banker George Smith Partners has successfully secured an $81 million bridge loan on behalf of its client, GH Palmer Associates, for the acquisition of The Paseos at Montclair North, a 385-unit luxury multifamily community located in San Bernardino County.

“Our client engaged us to secure an interim bridge loan for this property acquisition because the property was not yet fully stabilized at the time of sale,” said Gary Tenzer, principal and managing director.

George Smith Partners secured the bridge financing at a rate of 3.23% + 1 month LIBOR, full-term interest only, with a term of five years. The loan-to- value was 75%.  Tenzer notes that this was one of the last financings completed by GE Capital before its sale in April 2015.

The Paseos at Montclair North is a 385-unit luxury class A apartment community situated on 15.4 acres located in the Inland Empire city of Montclair. The property consists of one-, two- and three- bedroom units that feature luxury finishes such as gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances, and walk-in closets.

In addition, the community features high-end amenities including two resort-style pools, spas that include cabanas and pool beds, a central park with concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a state-of-the-art fitness facility.

George Smith Partners principal Malcolm Davies previously worked with the property's developer, in 2012 to secure $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property.

Founded in 1992, George Smith Partners is a leading national real estate investment banking firm that specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged participating loans and joint venture equity.