$7,035,000 71 Unit Multifamily Hollywood Acquisition

Transaction Description: George Smith Partners placed the senior acquisition loan of a 71 unit, brick, multifamily building in Hollywood, California. Trailing 12-month operating expenses initially limited underwritten proceeds; however, GSP demonstrated the Sponsor’s operational efficiencies with similar properties and justified a reduction in post-close operating expenses. Sized to 70% of the purchase price and fixed for 5 years at 3.875%, the 10-year loan will float the remaining 5 years at LIBOR + 240. Three years of Interest Only is followed by a 30 year amortization schedule with a 2,1, open step-down prepayment. The loan was closed in 60 days.