$14,850,000 Non-Recourse 20-Year Fixed Rate Apartment Loans

2 – 12 – 14
Transaction Description: GSP successfully arranged four individual loans on four apartment properties in California and adjacent states with a 20-year fixed rate term and 30 year amortization. The Sponsor sought to take advantage of today’s low interest rates with assets he intends to hold for the long-term. GSP identified a life insurance company with very competitive long-term rates. While initially engaged to secure 10-year fixed-rate debt, GSP presented this 20-year option that better fit his business plan and aversion to future rate fluctuations and balloon risk. The assets are Class-B apartment rentals in secondary locations. The non-recourse rate is fixed at 5.25% for 20 years but amortized over 30 years.
Rate: 5.25%
Term: 20 Years
Amort: 30 Years
LTV: 45%
Non-recourse
Advisors: Steve Bram, Allison Higgins

Related Financings

  • Expand

    Acquisition of an Apartment Building with One Master Lease in Place; San Diego, CA

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    Transaction Description:

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  • Expand

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    Transaction Description:

    George Smith Partners successfully secured a $4,100,000 non-recourse permanent refinance of a 14-unit, multifamily property in West Los Angeles. Loan proceeds were used to pay off the existing variable, higher interest rate bridge loan into a lower interest, fixed rate loan. There was significant cash-out to the Sponsor, who had recently completed an extensive reposition and upgrade of the Property. Due to the Sponsor’s business plan, flexibility and interest only were paramount. As such, GSP worked with the Lender to structure a 5-year fixed rate term with 3 years interest only and a step-down prepayment structure of 3%, 2%, 1%. This structure allows the Sponsor to maximize current cash flow while providing the flexibility of a step-down structure that burns off when the loan begins to amortize.

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  • Expand

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    Transaction Description:

    George Smith Partners secured $7,800,000 for the cash-out, refinance of a newly renovated, class B, 246-unit multifamily building located in Indianapolis. The structure allowed the Sponsor to pull out over $2,000,000 in cash and leave in place an affordable grant loan that was awarded to the Property for maintaining a certain number of affordable units.

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    LTV: 75.0%
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  • Expand

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  • Expand

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    Transaction Description:

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  • Expand

    $3,744,000 of Acquisition Financing for 3 Single Tenant Starbucks’ across Middle America

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    Transaction Description:

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