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$1,950,000 Refinance for Prime Los Angeles Owner/User Office; 75% LTV

Rate: Fixed at 4.43%
Term: 20 years
Amortization: 20 years
Prepayment Penalty: 5,4,3,2,1
LTV: 75% of value
Guarantee: Recourse

George Smith Partners secured $1,950,000 for the refinance of an office building in the San Fernando Valley. The owners had purchased the property all cash six months prior and were seeking to recapture a portion of their equity. The ownership structure involved 4 businesses, 5 Trusts, and 7 individuals, all of whom had to go through the documentation process. Although the bank required full recourse from all of the Trusts, they were willing to waive repayment guarantees to some of the individuals behind the Trusts. Fixed for 20 years at 4.43%, the recourse loan was sized to 75% of the total capitalization. Amortization commences on a 20-year schedule and has a 5-year stepdown prepayment penalty.

Advisors

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    Transaction Description:

    George Smith Partners successfully secured $4,500,000 to refinance a mixed-use office and industrial property in Los Angeles, CA. Our Sponsor had contacted one of his relationship banks to refinance his headquarters building. With the current crisis in lending, they were not able to provide a satisfactory refinance. The Sponsor then engaged GSP to secure financing. In reviewing the Sponsor’s financials, GSP identified significant growth and was able to secure a much larger cash-out refinance of the sponsor’s facility.

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  • $14,700,000 Refinance of 380,000 SF Office-Retail Property; Los Angeles, CA

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    Transaction Description:

    George Smith Partners secured a $15,400,000 loan commitment for the refinance of a 381,754 square-foot, “Curacao” office and retail building located on the Olympic Boulevard business corridor: one-half mile west of L.A. Live and The Staples Center. To reduce excess proceeds from the refinance, the Sponsor elected to reduce the proceeds to fund only $14,700,000 of the committed amount.

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    DCR: 1.20x
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  • $15,100,000 Refinance of a Mixed-Use Office and Fitness Anchored Retail Property; Los Angeles, CA

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