Transaction Description:
George Smith Partners secured $6,850,000 for the refinance of a stabilized 58-unit Los Angeles apartment building. The loan is fixed at 4.15% for five years and has full-term interest-only payments. The Lender offered a 60-day rate lock, which provided a great benefit to the Borrower because interest rates increased while the loan was in application. A fast-paced closing process was required to keep the rate locked at 4.15%. GSP ensured that all stakeholders adhered to the timeline and that the loan successfully closed on the required date. There were no changes to the term sheet.
- Rate: 4.15% Fixed for 5 years; 30-Day Average SOFR + 2.35% Thereafter
- Term: 30 years
- Prepayment Penalty: 3, 1, 1, 1%
- LTV: 55%
- DCR: 1.20x
- Origination Fees: Par
Advisors
