California

George Smith Partners successfully placed the $1,600,000 cash-out refinance of a 10-unit multifamily property located in Santa Clarita, California. The Sponsor requested a return of cash equity to be deployed toward an unrelated development project. The Sponsor has invested in substantial improvements and its’ location one mile from the Newhall Metrolink Station allows the property to perform above the competitive set. Maximum cash-out proceeds were justified by historical performance and market analysis, allowing the capital provider to push proceeds beyond the initial application commitment. Sized to 80% of value, the non-recourse loan is fixed at 3.25% for 5 years; amortized over 30 years after one year of Interest Only. This financing provided over $600,000 return of equity to the Sponsor.