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California  + Finance  | 

George Smith Partners Secures Financing for Asset in Emerging LA Neighborhood

Los Angeles-based George Smith Partners arranged $12.5-million in acquisition financing for the William Penn Apartments, a 200-unit multifamily property in LA’s emerging Westlake neighborhood. The firm secured a 25% limited recourse bridge loan for the $17-million acquisition on behalf of Massie Capital that closed at Prime plus half with a 4% floor and no reserves.

Originally a hotel, the property is a historic five-story 1920’s brick building, comprised primarily of “bachelor” style units that offer kitchenettes and are smaller than typical studios. The new owners hope to leverage them into trendy “micro” multifamily units as part of a plan to completely overhaul the property.

George Smith Partners’ Shahin Yazdi says,“Westlake has been largely ignored by the influx of capital that has entered surrounding Los Angeles neighborhoods, making this transaction and the buyer’s plans for the property unique.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Development
  • ◦Sale/Acquisition
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