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5/26/15
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GH Palmer Associates has acquired The Paseos at Montclair North, a 385-unit luxury multifamily community located in the San Gabriel Valley city of Montclair. The purchase was completed with an $81 mil bridge loan provided by GE Capital and arranged by George Smith Partners.
The Paseos at Montclair North is situated on 15.4 acres directly across the street from a major regional mall, Montclair Plaza. The property is comprised 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.
Gary M. Tenzer of George Smith Partners secured the bridge financing at a rate of 3.23 percent + 1 month LIBOR, full-term interest only, with a term of five years. The loan-to- value was 75 percent. Tenzer notes that this was one of the last financings completed by GE Capital before its sale in April 2015.
George Smith Partners Principal Malcolm Davies previously worked with the property’s developer in 2012 to secure $25 mil in joint venture equity for the land acquisition, as well as $53.7 mil in financing for the construction of the multifamily property.
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