- Rate: 4.10%
- Term: 10 Years
- Interest Only: 5 Years
- Amortization: 30 Years thereafter
- LTV: 75%
- Non-Recourse
- Lender Fee: PAR
- Prepayment: 5,4,3,2,1%
Transaction Description: George Smith Partners placed the non-recourse senior debt for the cash-out refinance of an 18 Unit Live/Work loft project in Oxnard, California. Acquired by our Sponsor less than a year prior to this refinance, the subject was stabilized only five months ago. Shahin identified a capital provider who was able to structure a loan to 100% of total costs, limited to 75% of the current value. Fixed for 5 years at 4.10%, the loan provides for interest only during this fixed term prior to floating for the remaining 10 years of the term at LIBOR + 275.