$4,250,000 in Permanent Financing for a Four Property Assemblage in Glendale, CA

Rate: 5.15% Fixed
Term: 10 Years
Interest Only: 3 Years
Amortization: 30 Years
Prepayment Penalty: Stepdown, 10-1%
LTV: 60%
DCR: 1.30x

Transaction Description:

George Smith Partners arranged $4,250,000 of permanent financing for a four-property mixed use located in Glendale, CA. The portfolio totals 25,000 square feet and is 100% leased to a variety of technology-based tenants. The non-recourse financing accomplished the Sponsor’s business plan to refinance an existing loan on three of the properties while adding another parcel to the collateral. The properties are nearly contiguous within a two block area. GSP arranged the original bridge and then perm financing on the original properties in 2013-2015. The existing lender waived prepayment for the existing loan in order to underwrite the new financing. The 10-year permanent loan is sized to 60% LTV and has a stepdown prepayment structure. It includes three years of interest only followed by a 30-year amortization and carries a fixed rate of 5.15% over the life of the loan.

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

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  • Expand

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