Transaction Overview
George Smith Partners secured $1,475,000 in proceeds for the purchase of a 6,760 SF, 11-unit multifamily property located in Los Angeles. The non-recourse loan is fixed at a rate of 4.23% for a period of 3 years, then floats at 6 month LIBOR plus 2.55%. Once in app, the loan was approved quickly and the lender was ready to close within about 40 days.
