George Smith Partners announced it had secured a $23.5-million bridge loan to refinance the existing construction debt for Newhall Crossings.
The recently completed Class A property, located at 24480 Main St., is a mixed-use development comprising 47 apartments above 20,000 square feet of street-level retail.
George Smith Partners’ Jonathan Lee and his team secured a 5.76% fixed-rate loan for a one-year term with two six-month extensions on behalf of Serrano Development Group Inc.
“Although there are a large number of new luxury multifamily projects throughout Southern California, there are virtually none of this quality in the Santa Clarita submarket,” Lee said in a prepared statement. “The property received (certificate of occupancy) during the height of the COVID lockdown, yet leased out all the multifamily units in a matter of months. Most retail leases are signed, and tenants are actively completing buildouts of their space.”