Transaction Overview
George Smith Partners arranged the $11,400,000 refinancing of a portfolio of four multifamily properties in Los Angeles. GSP not only was able to identify a local lender who was comfortable providing $3,200,000 cash out to the sponsor, but also successfully executed the strategy of a portfolio refinance in which the lender could become more aggressive with both rate and proceeds. Additionally, in a volatile interest rate environment, GSP was also able to time the market and lock rate at the ideal moment, achieving the best possible pricing for the sponsor. The recourse loan represents 75% of the portfolio’s value and has a 30-year term with the first 5 years fixed. The loan will reset every 5 years and self-liquidates over the course of the term.
