Contact:
Jen Olewinski/Kelly Stephens
Brower, Miller & Cole
(949) 509-6551
jolewinski@browermillercole.com
GEORGE SMITH PARTNERS ARRANGES $50 MILLION CREDIT FACILITY FOR HARD MONEY LENDER
LOS ANGELES (July 17, 2008)—Commercial real estate investment banking firm George Smith Partners has arranged a $50 million senior secured revolving credit facility for CFA Capital Partners (CFA), a hard money real estate lender located in New York.
CFA Capital Partners created a new fund capitalized at $17 million, which was leveraged with the $50 million credit facility, creating a total capital pool of $67 million to expand its loan activities. The credit line includes a provision for the credit provider to increase its line to a total of $100 million through internal funds and/or syndication. The term of the credit facility is three years.
“Due to its substantial experience and excellent contacts in the New York financial community, CFA plans to grow substantially over the next several years by making loans to high-end hard money borrowers,” said Nathan Auslander, senior vice president at George Smith Partners, who along with Gary M. Tenzer, principal/senior director, arranged the financing. “These additional funds will enable them to continuing pursuing and achieving their business goals.”
The New York lender specializes in bridge loans on commercial income producing properties throughout the United States in the $1 million to $5 million range. CFA has made a name for itself by charging lower fees than many of its competitors and financing projects that cannot be financed by a traditional bank or other conduit source.
Founded in 1992, George Smith Partners specializes in arranging financing for commercial and residential properties, including acquisition, construction, bridge and permanent loans as well as mezzanine loans, highly leveraged participating loans and joint venture equity. Information about George Smith Partners is located on the company Web site, www.gspartners.com. |
