$6,000,000 Non-Recourse Refinance with Significant Cash-Out for 97-Unit Multifamily Property; Bellflower, CA

Rate: 3.96% Fixed
Term: 15 Years
LTV: 35%
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners successfully secured a $6,000,000 non-recourse permanent refinance of a 97-unit, 51,732 square foot multifamily property in Bellflower, CA. Loan proceeds were used to pay off the existing variable, higher interest rate loan into a lower interest, fixed rate loan. There was nearly $4,600,000 cash-out to the Sponsor, who had recently spent over $800,000 to complete full and partial remodeling of 62 units (64% of the total units). Thanks to GSP’s strong lender relationships, the Sponsor’s credentials and longevity of ownership, and extremely low leverage, GSP was able to source a lender that provided an additional $500,000 above the Sponsor’s initial funding ask, assumption rights in the event of a sale and no post-closing financial covenants for future successors.

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