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$4,815,000 Cash-Out Refinance of a Seniors Apartment Property Fixed for 12 Years

Rate: 4.37%
Term: 12 Years
Amort: 30 Years
DCR: 1.25
Lender Fee: 1%

Transaction Description: George Smith Partners successfully placed the $4,815,000 cash-out refinance on a 108 unit senior multi-family apartment complex, which has been owned by the sponsors for 10 years. The property was built in 2000 and shows well in this Pacific Southwest market. It is currently 97% occupied, thus qualifying for a significant return of capital to the Sponsor. The 4.37% non-recourse loan is fixed for 12 years and sized to 65% LTV over a 30 year amortization schedule. The 12 year fixed loan allowed lender to underwrite on the actual loan constant instead of an artificial underwriting constant. This innovative structure allowed for more loan proceeds.


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    NIC National Conference Information