Transaction Overview
Jason Gaffner successfully placed the refinance of two 16-unit Los Angeles apartment rentals while recapitalizing the Sponsor for prior cash outlays. Two new loans were arraigned, both fixed for 12 years at 4.85%, amortized over 30 years on a non-recourse basis. Constrained by a 1.55 DCR and 55% LTV, the new loans retire the existing debt and allowed the Sponsor to recoup monies invested on renovations. A death in the family triggered a series of events requiring a distribution of assets that complicated the organizational structure. GSP worked closely with the Lender, Sponsor, title and escrow to insure all requirements were satisfied prior to rate lock and funding.
