Transaction Overview
George Smith Partners arranged $17,882,000 for the refinance of a 332-unit garden-style apartment complex located in Albuquerque, New Mexico. GSP identified a capital provider that would accommodate the existing borrower structure, which was comprised of 7 TIC’s (Tenants-in-Common). Our Sponsor wanted to keep the existing organization structure in place due to potential tax implications that may have arisen with any changes. The Sponsor’s existing loan had a floating interest rate, which they wanted to convert to a fixed rate to eliminate any interest rate risk. Sized to 70% of value, the non-recourse loan is fixed at 4.23% with a 10-year term and a 30-year amortization schedule.
