- Rate: 2.03%+ 1 Month LIBOR
- Term: 10 years
- Amortization: Interest Only
- LTV: 55%
- Non-recourse
- Lender Fee: .25%
Transaction Description: George Smith Partners successfully placed the permanent debt for a 98% leased, 566-unit, institutional quality apartment property located in Downtown Los Angeles. Orsini II is a mid-rise, over podium apartment complex comprised of five stories built over a three-level parking garage, walking distance of central downtown Los Angeles and adjacent to the LA Music Center. The non-recourse loan floats at 2.03% over 30 day LIBOR, netting a current all-in coupon of 2.47% today. The lender spread was locked 90 days prior to funding to avoid incurring defeasance costs, yet circumvent secondary market fluctuations with spreads. Sized to 55% of current value, there is no amortization during the 10-year term.