$2,050,000 Construction Loan Take-Out: Residence to Office Conversion

Transaction Description:  GSP successfully placed the 70% LTV refinance of a 5,000 square foot custom built Calabasas office building. There is an additional 4,000 s.f. of basement and garage space.  Formally a single family residence, our owner/user client converted the facility to accommodate his multifamily property management company. Fixed for 5 years at 3.91%, the full recourse loan amortizes over 25 years and provides for a step-down prepayment.