Transaction Overview
George Smith Partners has secured $120,115,000 in permanent financing for a 526-unit multifamily property, the Da Vinci Apartments. The Property is a 98% occupied, institutional quality, 5 and 6-story residential complex located in Downtown Los Angeles. The loan is fixed for 10 years at 4.38% with interest-only payments for the first 7 years.
Despite Los Angeles’ COVID-based eviction and rent control issues, GSP was able to work with the Lender to underwrite the NOI to accomplish the targeted loan amount. GSP also facilitated an early rate lock to protect against changes in the interest rate prior to the loan’s closing.
