GSP

Transaction Description:

George Smith Partners successfully secured a cash neutral permanent refinance loan for a 12-unit multifamily property in Los Angeles. Due to current market conditions, in which many regional banks are not lending, GSP had to expand its list of capital sources. A national bank was found that provided enough proceeds to pay off the in-place loan plus fees. The loan has 5 years of Interest Only payments on a 7 year fixed rate term. The lender provided non-recourse financing without charging any rate premium compared to a recourse loan. The loan closed in 26 days from application, which may be a record for a bank loan.

Rate: Fixed at 5.71% for 7 Years
Interest Only: 5 Years
Prepayment: 4433211
LTV: 60%
DCR: 1.25x
Guaranty: Non-Recourse

Advisors

Matthew Kirisits

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