Transaction Description:

George Smith Partners successfully arranged the refinance of a 14 building, 120-unit multifamily asset located in the Arden-Arcade neighborhood of Sacramento, CA. GSP worked with a life company with a strong appetite for multifamily lending and ultimately structured a loan in which the Sponsor pulled out $10,000,000 of cash. The non-recourse loan has a fixed rate of 4.24% and refinanced an existing agency loan. Some of the unique features of this loan included: rate lock at application, assumption rights in the event of a sale and future loan advances/top-offs upon increase in NOI.

Rate: 4.24%
Term: 10 years
Amortization: 30 years
LTV: 65%
DCR: 1.35x
Prepayment Penalty: Yield Maintenance
Guarantee: Non-Recourse
Lender Fee: 0%