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$8,000,000 Bridge Financing for 28-Unit Multifamily Refinance; La Mirada, CA

Rate: 7.75% Fixed
Term: 2 Years, Two 6-Month Extensions
Amortization: Interest-Only
Loan-to-Value: 70%
Prepayment: 12 Months Minimum Interest Period
Loan Fee: 1% Origination Fee, 0.50% Exit Fee
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners successfully placed an $8,000,000 bridge loan for the refinance of a 28-unit, newly constructed apartment building in La Mirada, California. The bridge loan refinanced the construction loan at building stabilization. The loan amount provided a return of equity to the Sponsor and allowed the Sponsor time to decide whether to sell the property in the future or put a permanent loan on the property if long-term rates start to come down. GSP sourced a lender that was able to provide maximum cash-out and fix the interest rate for the duration of the loan term. The financing is open for prepayment at any point throughout the loan term with a minimum of 12 months interest paid.

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