X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.