$5,195,000 Cash-out Refinance to 105% of Capitalization

Transaction Description: George Smith Partners successfully placed the refinance of a 28 unit multifamily property located in the Silverlake area of Los Angeles, half a mile from Sunset Junction Metroline. Constructed in 1928, the subject was acquired four years ago with significant deferred maintenance and underperforming rents. Our Sponsor embarked on an extensive phased renovation that increased his initial capitalization by an additional 50%. The Sponsor re-leased the Property to market rents, creating substantial value. Sized to 70% of current value, the five year loan is fixed 3.59% with one year of interest only. This financing allowed a 100% return of equity in addition to a small return on equity to the Sponsor, while they retain a strong cash-flowing asset.