George Smith Partners (GSP)

We are excited to announce that J. Scott Croul has joined GSP’s Los Angeles office as a Senior Director. Scott brings extensive expertise and we are confident he will be a valuable addition to our team as we continue to provide exceptional service to our clients. "We are excited to have Scott join George Smith Partners as a Senior Director. His deep expertise in real estate capital markets and extensive experience, particularly in multifamily properties, will bring tremendous value to our clients and team.” - Justin Piasecki, President “I am thrilled to join George Smith Partners at this dynamic point in the company’s long history as a specialist in commercial real estate capitalization. The Company is at an exciting phase with tremendous momentum and resources to grow its footprint, collective expertise and capital offerings. Its depth of experience, broad capital relationships and highly collaborative team, allows me to provide clients with tailored capital solutions with speed and efficiency.” - J. Scott Croul, Senior Director #GeorgeSmithPartners #GSPGrowth #CommercialRealEstate

The conference kicked off on St. Patrick’s Day with everyone hoping to find a pot of build-to-rent equity. There were some glimmering signs that more equity is available today and that more may be freeing up soon. - Optimism in the market: It’s encouraging that the tone was more upbeat compared to earlier conferences. This could reflect growing confidence or a shift in market conditions. - Land banking interest: The appeal of land banking shows strong long-term investment focus, as it plays a key role in future real estate development. - Tariff impacts and immigration concerns: While tariffs remain a key focus, discussions also highlighted the effects of immigration policies on southern states and the potential impact on labor availability. According to the Wall Street Journal, a significant portion of the construction workforce consists of undocumented workers, raising concerns about how immigration policies could affect labor supply and construction costs. - Potential privatization of Fannie Mae and Freddie Mac: New FHFA head Bill Pulte has signaled interest in privatizing the agencies, which could lead to higher borrowing costs, tighter lending standards, and increased uncertainty in the permanent debt market. - BTR portfolio premiums: The idea that BTR assets might trade at a premium to multifamily properties highlights the increasing attractiveness of this asset class for core and core-plus funds. - Skilled trade concerns: The average age of skilled workers remains a challenge, reflecting labor shortages and the need to attract younger talent to the trades. - Housing market dynamics: The variability in the for-sale market emphasizes the importance of local trends and product diversity. - Cost concerns persist: Despite some supply chain slack, broader inflation and labor challenges continue to keep costs elevated. - Private lending focus: Private lenders remain focused on bridge debt, whether for lease-up or repositioning of assets before transitioning to permanent debt. While some groups are open to construction opportunities, the primary focus remains on bridging the gap between lease-up and permanent financing. Encouragingly, debt is becoming more readily available across these stages. These insights provide a clearer view of where the BTR market is headed and the challenges and opportunities that lie ahead. #BuildToRent #IMN #GeorgeSmithPartners

Great energy, great connections, and a great night at our New York Happy Hour at Lea Wine Bar! 🍷 Thanks to everyone who joined us—we love bringing the GSP community together. Until next time! #GeorgeSmithPartners #NYCHappyHour #NewYork

George Smith Partners is heading to Nashville next week for the IMN Build-to-Rent Conference! Our team is looking forward to connecting with industry leaders, sharing insights, and exploring new opportunities. Reach out to connect! #BuildToRent #IMN #GeorgeSmithPartners

We are deeply saddened by the passing of our longtime colleague and friend, David Stepanchak. A part of the GSP family for over 30 years, David’s journey here was one of dedication, growth, and deep-rooted relationships. From his early days as an administrator to becoming a respected broker, his commitment to the team never wavered. Beyond the office, David had an adventurous spirit—flying helicopters, riding motorcycles, and embracing life’s thrills. But his greatest adventure began when he met Kari, the love of his life. Priorities shifted, and he chose to step away from brokerage to support her dental practice, valuing time together above all else. David faced his battle with cancer with immense strength and resilience. Through it all, he remained the kind, generous, and loyal person we all knew. His presence was felt in every conversation, every deal, and every moment of camaraderie at GSP. David wasn’t just a colleague—he was a friend, a mentor, and a truly good soul. His impact on our team and our lives will never be forgotten. May his memory continue to inspire us all.

We are excited to welcome Nate Weyer to the GSP team! He is leading the way in our new Georgia office, expanding our reach and expertise. Read more about this exciting growth on BISNOW, link below! #GeorgeSmithPartners #NewOffice #CommercialRealEstate https://lnkd.in/g6mMbpx5

George Smith Partners closed a $4,000,000 refinance loan for a 27,000 SF vacant industrial property located in the Bay Area. The Sponsor recently completed a renovation of the property and has listed it for lease. The loan provides sufficient term for the borrower to be selective in securing a tenant. The rate is fixed at 8.9% for a period of 2 years. There is no prepay so the borrower can refinance into a perm loan at any time. The loan required minimal documentation, did not require an appraisal, and closed in less than 2 weeks. Congratulations to the advisory team: Matt Kirisits, and Vishal Hotchandani!

George Smith Partners successfully structured and attained the Co-GP relationship, joint venture partnership and senior debt for the acquisition of a 143-unit multifamily property in a Southwestern Submarket. Congratulations to the advisory team: Mike Anderson-Mitterling!

Spent the past two days in Washington DC meeting with Developer/Investor clients. Here are some interesting insights: - DC showcases remarkable projects in the Capital Riverfront/Navy Yard/Bridge District area and NW DC, with more developments on the horizon. - Regarding DOGE, the impact is anticipated to be positive. A Multifamily client shared receiving calls from federal employees seeking apartments due to the return to office after years of remote work, with amusing anecdotes like someone living in FL for years now needing to be back at work in DC. - The office sector presents a mixed picture, with Democratic lobbying firms downsizing while Republican groups expand, potentially leading to vacant buildings that could be repurposed for housing. - Investment groups eyeing the US market are actively seeking space in DC. - Stories emerge of government employees holding multiple jobs due to remote work leniency, hinting at potential shifts in work dynamics. One example was a developer knowing multiple people having 3 government jobs making $150k/yr at each one. Never needing to go into the office and using 3 computers with different IP addresses. DOGE might be on to something here! - The demand for affordable housing remains high, with a significant backlog of individuals awaiting voucher units in the city. #CRE #Commercialrealestate #finance #debt #Jointventure #multifamily #office #hospitality #Washingtondc #GSP #affordablehousing #development #DOGE #Opportunity

We’re excited to share that Ed Steffelin, Managing Director at George Smith Partners, will be speaking at the Emory Goizueta Real Estate Conference on April 17, 2025, at the St. Regis Atlanta! Ed will join industry leaders on the “Perspective Across Asset Classes from Private Equity” panel to share insights on today’s market and investment trends. If you’d like to connect with Ed while he’s in town, feel free to reach out! #GeorgeSmithPartners #RealEstate #PrivateEquity #CRE #EmoryGoizueta