Rate: Prime + 0.75%
Term: 20 Month Floating Rate Bridge plus 5 Year Fixed Rate Permanent Loan Extension Option
Amortization: IO for initial term / 25 year am for perm loan
LTV: 61%
LTC: 72%
Guarantee: Recourse
George Smith Partners arranged a $3,565,000 refinance for the conversion of a spec creative office property in Santa Monica. Sized to 72% of total project cost, including 100% of future funding for the conversion to creative office, the interest-only loan is structured with an interest reserve. Fixed at 5% for 5 years, the loan offers an extension option once the property is stabilized.
Related Financings
- No related financings.
