$4,480,000 Non-Recourse, 80% LTV, Quick-Close Refinance of a 148-Unit Multifamily Asset; Cincinnati, OH

Rate: Floating One-Month LIBOR + 4.25% (6.00% all-in coupon) for 24 months
Term: Two years
Amortization: Interest only
Prepayment Penalty: Nine months minimum interest
LTV: 80%
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners secured a $4,480,000 non-recourse, 80% LTV, quick-close refinance of a 148-unit workforce multifamily property in suburban Cincinnati, Ohio for out of state borrowers. The loan was structured, approved, and funded within a three-week period. The financing resolved an impending loan maturity for the Sponsor while providing flexibility to roll into a permanent take-out loan after seasoning the Property’s cash flow with minimal friction cost. The balance sheet facility was underwritten to 80% of value at a floating rate of the 1-Month LIBOR plus a spread of 4.25% for an all-in coupon of 6.00%.

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  • Expand

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