$29,000,000 Multi-Family Portfolio Cash-Out Refinance at 3.55%

Transaction Description: George Smith Partners arranged the $29,000,000 non-recourse refinancing of a five property, 230-unit, Class B multi-family portfolio located in Northern California. Loan proceeds beyond the current capital stack are ear-marked for capital improvements and to acquire additional commercial real estate assets. A complex ownership structure holding each asset in a separate Single Purpose Entity and a Managing Member LLC signing carve-outs provided no warm body guarantee. One asset in the portfolio is situated in a high-risk earthquake zone; necessitating a possible requirement for earthquake insurance. GSP identified a California portfolio lender who understands earthquake risk assessments and is comfortable with the multiple asset location to mitigate risk. Sized to 70% of value, the non-recourse loan is fixed at 3.55% for seven years, amortized over 30 years.