July 15, 2020
Los Angeles-based George Smith Partners secured a $62.75 million non-recourse bridge loan for a 253-unit Class A, mixed-use development near Boulder, CO on behalf of Mass Equities, Inc. (MEQ). The financing will support the lease-up of the newly constructed project that includes a mix of studios, one- and two- bedroom multifamily units and ground-floor retail space.
George Smith Partners’ Malcolm Davies and Zachary Streit sourced the financing on behalf of Kennedy Wilson during the COVID pandemic. The loan is the first to close in Kennedy Wilson and Fairfax Financial Holdings recently launched $2 billion platform that pursues first mortgage loans.
Kennedy Wilson’s Matt Windisch says, “This loan exemplifies our investment strategy of providing capital to strong sponsors with well-built projects in our core markets. We have seen tremendous interest since launching the debt platform in May that has resulted in a significant pipeline of opportunities for us to consider.”
For comments, questions or concerns, please contact Dennis Kaiser