Transaction Overview
George Smith Partners successfully sourced $11,571,000 in non-recourse first mortgage financing on a 116-unit, 95% occupied multifamily community located in a Northern California agricultural market. The 70% leveraged loan has a 30-year term and is fixed for seven years at 3.50% before floating at 6 Month LIBOR + 2.35%. The cash out refinance has four years of Interest Only payments, maximizing cash flow to the Sponsor before converting to a 30-year amortization schedule. This loan is open for prepayment after Year 6 of the term. There are no tax, insurance, or capital reserve impounds.
