$11,000,000 Acquisition / DPO Senior Loan for Multifamily in Los Angeles

Transaction Description: The Sponsor required an $11,000,000 quick-close acquisition loan to finance the discounted pay-off (DPO) of a vacant 170-unit, high-rise apartment building in Los Angeles. The DPO had to close in less than 30 days. GSP identified a regional bank comfortable with the project’s history and business plan. The project was previously vacated and stalled over two years ago when the prior lender was seized by the FDIC. GSP arranged a phased loan in which the $11,000,000 DPO component closed on time. The same institutional lender intends to subsequently refinance this loan with a $25,000,000 non-recourse construction loan to fund the heavy renovation and lease-up at attractive rates.