$22,367,000 Cash-Out Refinance of 200 Secondary Market Rental Units, CA

Rate: 4.73% Fixed
Term: 7 Years
Amortization: Two Years Interest Only; 30 Years Thereafter
Loan-to-Value: 60%
DCR: 1.35
Recourse: Carve-Outs Only
Prepayment: Loss of Yield
Loan Fee: 0.50%

Transaction Description:

GSP placed the $22,367,000 non-recourse cash-out permanent loan for 200 stabilized units in a secondary California market. This represented a substantial return on equity. Loan proceeds were increased post application as the supportable underwritten net cash flow improved during the due diligence process. Occupancy constantly operated at 98% with future increases forecasted at unit turn. Fixed for seven years at 4.73%, the non-recourse loan is interest-only for two years prior to amortizing over 30 years for the balance of the term.

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