Transaction Overview
George Smith Partners secured senior, permanent financing for a fully stabilized 54-unit, multifamily property in Los Angeles, CA. The recourse debt totaling $15,150,000 was utilized to take out the maturing construction loan and return equity to the Sponsorship. The loan was structured with a 7-year fixed period, with a 30-year term.
GSP selected a lender capable of providing cash-out, along with keeping the low rate guaranteed for over three months while the Property reached stabilization. The appraisal of the Property came in under the 70% loan-to-value threshold, granting the request for 3-years of interest-only payments added to the loan terms.
