Transaction Overview
George Smith Partners placed $2,100,000 in permanent financing on a two-property multifamily portfolio for a Los Angeles-based operator. Located in Studio City, California and Austin, Texas, the properties were financed by a single capital provider that provided un-crossed loans. Sized to 70% of appraised value for Studio City and 75% for Austin with a 1.20 DCR for both properties, the loans self-liquidate over 30 years. Fixed for five years at 3.5% for Studio City and 4.0% for Austin, rates will reset and float at 300 over 1-Year Treasuries for the remaining 25 year term. GSP sourced a Lender confident with both markets and willing to provide permanent loan execution with no prepayment penalty. The loan also provided for a net $1,000,000 return of equity to the Sponsor.
