2011 was a productive year for George Smith Partners. We experienced growth in all aspects of our business, with closed transactions increasing a healthy 30% over the 89 loans placed in 2010. Highlights include 54 multifamily loans, 13 bridge/reposition loans, and 10 equity placements. In addition to increased loan and transaction volume, we grew in personnel. Most notably, we added two new senior producers to our firm, opening up Orange and San Diego Counties with local representation. 2011 also saw the return of two veteran GSP producers to the firm.
Last year witnessed a notable return of capital to the marketplace. We expect this trend to continue throughout 2012. Many of the 53 capital sources that GSP funded loans with last year were not in the market from 2008-2010. We also participated in the return of several loan types that have been missing since the Financial Crisis began in 2008. GSP closed 10 CMBS transactions, representing 15% of our total gross production. Forward commitments also reappeared after a long absence from the market. On two occasions, GSP arranged twelve-month forward commitments with large Life Insurance Companies. Included in our 2011 totals are three large land loans and two ground-up construction loans. Capital providers are once again considering hospitality requests, with GSP closing two limited service and two full service hotel loans in 2011.
While GSP is known for arranging debt, mezzanine debt and equity, GSP has always had a significant consulting and expert witness practice. In 2011, GSP was active in 49 consulting and expert assignments, serving some of the largest national law firms and lending institutions.
Our robust pipeline promises a very active 2012 as more lenders return to the market. We will keep you informed as market trends unfold over the coming months.
Production Summary:
- 86 Permanent Loans
- 13 Bridge/Reposition Loans
- 10 Equity Placements
- 5 Construction Loans
- 1 Mezzanine Loan
- 1 Line of Credit
Product Type:
- 54 Apartments
- 17 Retail/Shopping Centers
- 15 Offices
- 18 Industrial Properties
- 1 Medical Office
- 4 Hotels
- 2 Mixed Use Buildings
- 3 Land Loans
- 1 Mobile Home Park
- 1 Line of Credit
Lender Type:
- 15 Agency Loans
- 58 Bank Loans
- 10 CMBS Transactions
- 13 Opportunity Funds
- 7 Life Insurance Companies
- 11 Private Placements
- 1 Bond Transaction
- 1 Real Estate Investment Trust (REIT)
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