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$18,880,000 Cash-Out Refinance at 3.03% Fixed, Interest-Only on a 192-Unit Multifamily; Western US

Building

Rate: 3.03% Fixed
Term: 15 Years
Amortization: Full Term Interest-Only
LTV: 55%
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners successfully arranged $18,880,000 in permanent financing for a 192-unit multifamily community. The loan is fixed for 15 years at 3.03% with interest-only payments for the entire term and significant cash-out proceeds. Despite the severe impacts of the COVID-19 pandemic throughout the spring and summer, the Property was able to remain above 95% occupancy with minimal declines in rent collections. GSP capitalized on the Property’s quality, market resiliency, strength of the Sponsor and low leverage to attract quality offers from several lenders.

Advisors

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