Cash-Out Refinance at 4.35% Fixed for Seven Years, Non-Recourse; Downey, CA

Rate: 4.35% Fixed for 7 years; 6 Month LIBOR + 2.25% thereafter
Term: 30 years
Amortization: 3 years interest only, followed by 27 years amortization
Prepayment Penalty: 4,3,2,1
LTV: 55%
DCR: 1.15x
Guarantee: Non-Recourse
Origination Fees: Par

Transaction Description:

George Smith Partners secured the cash out refinance of a 15-unit stabilized multifamily property in Downey. Constructed in 1980 the Property is located in the heart of Downey, close to restaurants and retail centers. Fixed at 4.35% for seven years, the non-recourse loan floats at 6-month LIBOR + 2.25% for the remaining 23-year term. The non-recourse loan has 3 years of interest only payments and a 4,3,2,1 step down prepayment penalty.

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