$5,242,500 Non-Recourse Cash-Out Refinance in Tertiary Market

George Smith Partners arranged $5,242,500 in non-recourse debt to refinance a 315-unit apartment complex in a tertiary market. The Sponsor requested maximum cash-out proceeds that dissuaded many capital providers from considering the request given the B quality of the asset and the soft market. A comparative market study supported the underwriting and maximum loan proceeds. Priced at 4.0%, the fixed term is for 15 years and provided for 2 years of Interest Only prior to rolling into a 30 year amortization schedule.