Page 2 - Watermark_Offering Memorandum_GSP
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WATERMARK





               George Smith Partners, Inc. has been exclusively engaged by the Sponsor,

               Gelt-Uhon Development Holdings LLC, to secure a $80.9 million senior

               bridge loan to refinance the existing construction debt for Watermark


               located at 6625 Reseda Boulevard, Reseda, CA 91335.
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