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George Smith Partners Delivers $41M for New 170-Unit Development in San Diego
George Smith Partners (GSP) secured $40.7 million of structured financing for Bonita Glen, a new 170-unit multifamily community and ground-up development in San Diego. GSP’s Malcolm Davies, Michael Anderson-Mitterling, Zachary Streit, Kyle Howerton and Alex Rossinsky sourced the financing on behalf of Bank of the Ozarks and Pembrook Group, LLC during the COVID-19 pandemic.
Davies says, “This is truly remarkable time in the capital markets, and in the heart of the COVID-19 pandemic, we were able to execute a nicely levered transaction for GenProp. The leverage achieved was extremely accretive to their equity investment returns.”
The project is comprised of seven buildings with 104 units, including six three-story walk-up buildings and one four-story elevator-served podium building with 66 units. The unit mix consists of one- and two-bedrooms ranging in size from 517 square feet to 1,045 square feet. The 5.3-acre site will also include a privately maintained park and trails that will be open to the public.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development




