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MORENO VALLEY, CA-Griffin Partners of Beverly Hills plans toreposition a 330-unit apartment complex that the company hasacquired with $42.4 million in financing arranged by investmentbanking firm George Smith Partners Inc. of Century City. SteveBram, a principal of George Smith Partners who arranged thefinancing, calls it a "highly structured financing package" for theacquisition of the El Dorado Pointe Apartments at 12159 CalleSombra.

Bram says that the "aggressive repositioning strategy" isdesigned to increase net operating income and capture the continuedmarket growth in the Inland Empire region. While such a strategyand the anticipated three-year holding period would have typicallyutilized a Libor-based bridge loan, George Smith Partners securedfixed-rate conduit financing, substantially lowering rates with afive-year fixed-rate interest only loan which also has a flexiblepayment option, Bram explains.