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REDLANDS, CA-Commercial real estate investment banking firm George Smith Partners has successfully arranged $12.8 million in Freddie Mac financing and a $16.6 million sale for a 198-unit class-B multifamily property here. The 198-unit multifamily complex, Citrus Grove Apartments, is adjacent to the University of Redlands, and has historically seen strong performance, often outperforming other similar properties within its own market.

According to David Rifkind, a principal and managing director of GSP, “George Smith Partners was able to utilize their correspondent relationships with Freddie Mac to provide the financing, despite the fact that some lenders and investors view the Inland Empire as a market full of distressed and undesirable property.” The interest rate was 5.18% fixed for 10 years with 2 years of interest only, then a 30 year amortization.

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