$168,341,000 Senior Financing and $20,475,000 Supplemental Loan
Transaction Description:
George Smith Partners successfully advised on the placement of two strategic agency financings, reinforcing our commitment to affordability and efficient capital solutions.
Senior Financing – The 776-unit townhouse style property provides a vital affordable housing community. Located in Southern California, the property has an outstanding 97% Mission Score. GSP advised on the placement of a $168,341,000 refinance with a 5-year fixed rate, 3 years of interest-only payments, and a 35-year amortization. The financing, executed at a 1.03% spread, included a 2% buydown, delivering 38 bps rate savings to the Sponsor.
Supplemental Financing – GSP advised on the placement of a $20,475,000 supplemental loan on a 752-unit, garden style, apartment property located in Southern California. The financing provided the Sponsor with added capital under competitive terms. The loan was structured as full-term interest-only with a 3.29% spread.
These transactions highlight GSP’s ability to navigate complex capital markets, optimize financing terms, and support long-standing clients in their mission to provide accessible housing.
Senior Loan Terms (Refinance):
Loan Amount: $168,341,000
DSCR: 1.25x
Term: 5 Years
Interest Only: 3 Years
Amortization: 35 Years
Rate: 5.27%
Spread: 1.03% (inclusive of a 2% buydown – 38 bps rate savings)
Loan Terms (Supplemental Loan):
Loan Amount: $20,475,000
DSCR: 1.35x
Interest Only: Full Term
Amortization: 30 Years
Rate: 7.35%
Spread: 3.29%
