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George Smith Partners Delivers $54M Loan Amid ‘COVID-Conservatism’
George Smith Partners secured a $54-million permanent loan on behalf of Pacific Heritage Communities for the Parklands Apartments newly completed 173-unit multifamily community in Ventura. Gary M. Tenzer, Antonio Hachem, and his team secured a non-recourse, 3.01% fixed rate for a 15-year term with 7-years I/O, at 70% LTV.
Before the COVID-19 pandemic hit, the project had already experienced strong preleasing and occupancy activity, and the developer was gearing up to deliver the final phase. But the economic disruption and quarantines that ensued caused the lending market to pull back and leasing activity to slow down.
Tenzer says, “When leasing activity resumed in early summer we had to overcome the new-found “COVID-conservatism” that lenders were exhibiting in their underwriting and loan terms by providing them with strong support for the superior quality of the project, its tenancy and sponsorship while positioning the loan for the sponsor to execute an early rate lock when the 10 Year Treasury rate reached .51%.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development




